Luxury fashion retailer announces £150m share buyback

LLB Reporter

Source: ©Photoshot

Also reported better-than-expected full year profits

FTSE 100-listed Burberry Group has announced a new £150m ($202.8m) share buyback.

“While the task of transforming Burberry is still before us, the first steps we implemented to reenergize our brand are showing promising early signs. With [new Chief Creative Officer] Riccardo Tisci now on board and a strong leadership team in place, we are excited about the year ahead and remain fully focused on our strategy to deliver long-term sustainable value,” Chief Executive Marco Gobbetti said.

For the year ended March 31, the fashion retailer posted a profit of £413m, compared with £394.8m in 2017. Burberry also raised the final dividend to 30.30p a share from 28.40p last year bringing the full-year dividend up to 41.30p from 38.90p.

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