Burberry Cancels Dividend as Sales Plunge 27 Percent

Burberry has canceled its full-year dividend payment to shareholders after its comparable sales sunk 27 percent in the fourth quarter due to the coronavirus pandemic. The luxury brand borrowed £300 million (approx. $365 million USD) via the U.K. government-backed business support plan, and expects to save around £120 million (approx. $145 million USD) by pulling its end-of-year payment to shareholders.The company, like other luxury brands, saw the impact of the pandemic in late January when sa...