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Burberry (LSE: BRBY) FY19 Results: Flat Retail Sales but Retail Comps Grow 2%, Reaffirms 2020 Guidance

Executive Summary

  • Burberry’s FY19 sales declined 1% to £2.72 billion at constant exchange rates, missing the consensus estimate of flat currency neutral. Adjusted EPS was flat at 82.1 pence, beating the consensus estimate of 81.3 pence.
  • Retail comps grew 2% with low single digit percentage growth in Asia Pacific, EMEA and the Americas.
  • The company confirmed its guidance for FY20: broadly stable revenue and adjusted operating margins at constant exchange rates.

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