Burberry reports staggering losses due to #COVID19 #coronavirus @Burberry #burberry

The Monster In The Mask

Burberry is yet another victim in the coronavirus pandemic, as WWD early today reported that it’s lost 40 to 50 percent of its value in trading since COVID19 first struck in China late in 2019, Burberry without hesitation warned its investors that it would have reported losses, delivering a quarterly report earlier than expected.

The 40 percent loss off the top came from Burberry closing its stores first in China, as well as Italy, the United States, and all other countries affected by the coronavirus, which people cannot leave their homes, and buying essential items instead of non-essential, and to prevent the spread of COVID19.

In spite of seeing a 30 percent loss in the fiscal year ending March 28 with the closing of retail stores, and very weak activity in succession from when COVID19 first broke out, Burberry did see sales in China tick up once stores opened up again as residents are finally recovering from the coronavirus.

Since Burberry gave quarterly report earlier than planned, the next trading report will not be until May, as COVID19 has made financial losses very certain.

Daniel Quintanilla