European stocks opened lower on Thursday

European equities are forecast to decrease on Thursday after markets worldwide took the latest US inflation data negatively.

European markets are expected to follow the negative trend seen in Asia Pacific overnight and the US on Wednesday after the latest US inflation data for April.

The pan-European Stoxx 600 fell 1.1% in early trade, with primary stocks dropping 2.7% to lead losses as all sectors slid into the red.

Analysts believe that the European start will be weak, but the session’s tone will change for the better with the opening of NY. After three days of falls in NY, the normal thing is that the bargain hunters appear.

Burberry triples its annual profit and restores the dividend

Burberry obtained an attributed net profit of 376 million pounds sterling in its last fiscal year, which ended on March 27, compared to 122 million pounds from the previous year.

Likewise, the British textile firm announced that it had restored the dividend to the level of the fiscal year 2019, at 42.5 pence per share.

Marco Gobbetti, CEO of Burberry, stated that the company delivered strong results despite the coronavirus pandemic and achieved the targets for the period. 

In the whole of its last fiscal year, Burberry’s sales decreased by 11%, to 2,344 million pounds sterling. It resulted from the impact of the closure of stores and the drop in tourism. However, the firm highlighted the strong recovery in its second fiscal semester.

Between January and March, Burberry’s fourth fiscal quarter, the firm’s sales increased 32% compared to the same period of 2020. It was only 5% below the figure for the fourth quarter of 2019, the last full quarter before the impact of the pandemic.

Thus, taking fiscal 2020 as a base, the company is confident that its revenues will grow in the medium term.