Burberry, the luxury fashion house, posted 4Q retail like-for-like sales down 27%, slighter better than the 30% drop expected by the Company, showing encouraging signs.
The company said: “we are not in a position to provide specific guidance for FY 2021 at this stage as it is currently challenging to predict the course of the pandemic and the longer lasting economic consequences. However, we currently have 50% of our store network closed and we expect our first quarter (to end June 2020) to be severely impacted with store closures likely to be at or near peak for most of the quarter."
Given current uncertainty, final dividend has not been declared.
From a chartist’s point of view, the bullish engulfing pattern formed in March on a weekly chart is a sign of hope. Prices need to stand above 1209p to maintain the bullish bias.
A break above 1446p would deliver a bullish signal (buy stop) and would call for a short term rebound towards the 20WMA and horizontal resistance at 1640p.
Alternatively, a push below 1209p would reinstate a bearish bias and would open a path to further decline towards 1017p.
Source: GAIN Capital, TradingView
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