burberry cuts cloth as profits slide
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Burberry cuts cloth as profits slide

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Burberry cuts cloth as profits slide

Burberry profits after tax dropped 8%
London - AFP

Luxury fashion group Burberry on Wednesday announced a fall in annual net profits, triggering a three-year programme of cost savings totalling at least £100 million ($144 million, 128 million euros) .

Profits after tax dropped 8.0 percent to £309.5 million in its financial year that ended March 31 as the group was hit by weak performances in Hong Kong and Macau, the handbag and clothing company said in an earnings statement.

That compared to net profit of around £336 million in 2014/15.

Burberry, which last month warned that its new financial year would see profits at the bottom end of expectations, added Wednesday that it had "identified a programme of actions to deliver at least £100 million... cost savings" by 2019.

"Broadly half is expected to come from significant changes in our ways of working, by reducing complexity, simplifying processes and eliminating duplication," it said in the statement.

Group chief executive and chief creative officer Christopher Bailey added in the statement that while it expects "the challenging environment for the luxury sector to continue in the near term", the company is "firmly committed to making the changes needed to drive" Burberry forward. 

The company that is famous for its camel, black and red check patterned raincoats meanwhile said that revenues fell 1.0 percent to £2.5 billion in its last financial year.

Burberry's share price was down 2.8 percent at £11.11 in early deals on London's benchmark FTSE 100 index, which was half a percent lower compared with Tuesday's close.

"Trading conditions in Hong Kong have taken their toll on Burberry, and the company is responding to challenging conditions by cutting its cloth accordingly, aiming for £100 million of annual cost reductions by 2019," said Steve Clayton, head of equity research at stockbrokers Hargreaves Lansdown.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

burberry cuts cloth as profits slide burberry cuts cloth as profits slide

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

burberry cuts cloth as profits slide burberry cuts cloth as profits slide

 



GMT 10:31 2014 Tuesday ,23 December

Mirages of failure: Lebanon cannot wait

GMT 06:15 2018 Tuesday ,23 January

Volkswagen clinches record sales

GMT 05:04 2024 Tuesday ,06 February

Skincare PR Performance Full Year 2017

GMT 10:08 2018 Wednesday ,24 January

Microsoft to open 4 data centres

GMT 19:57 2018 Tuesday ,23 January

Farm-fresh from Kerala to the UAE, in just one day

GMT 10:18 2018 Thursday ,30 August

Iran incapable of closing Hormuz, Bab Al Mandeb

GMT 13:06 2016 Wednesday ,19 October

As All Blacks soar, scandal-hit NZ rugby reels

GMT 10:32 2017 Thursday ,26 January

Yemen rebels mount resistance in key port city

GMT 12:18 2011 Thursday ,01 December

Angler snares 20st stingray
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice