Finance

Burberry set to see profits drop by almost 80%

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Fashion house Burberry set to see profits drop by almost 80% after coronavirus batters luxury sales

By Daily Mail City & Finance Reporter

Published: | Updated:

Fashion house Burberry is set to see profits drop by almost 80 per cent after the pandemic battered luxury sales. 

Profits are expected to come in at £42m in the six months to September, according to forecasts compiled by Reuters. 

United front: Burberry has teamed up with footballer and children's poverty campaigner Marcus Rashford

United front: Burberry has teamed up with footballer and children’s poverty campaigner Marcus Rashford

This covered the period when many countries were in lockdown. It would be a 78 per cent drop from the £193m profit over the same period in 2019. 

FTSE 100-listed Burberry, which has teamed up with Manchester United striker and children’s poverty campaigner Marcus Rashford, says air travel recovering will be key to its sales bouncing back as revenue is driven by tourism spending. 

In July, it said same-store sales fell by 45 per cent in the first quarter. 

Over the whole period, the figure is estimated to be 31 per cent. The share price slid by a third this year. 

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source: dailymail.co.uk