burberry cuts cloth as profits slide
Last Updated : GMT 11:59:16
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 11:59:16
Egypt Today, egypt today

Burberry cuts cloth as profits slide

Egypt Today, egypt today

Egypt Today, egypt today 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.

 

egypttoday
egypttoday

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



Egypt Today, egypt today Modern colorful bedroom renovation

GMT 12:15 2017 Thursday ,21 December

Modern colorful bedroom renovation

GMT 16:10 2018 Friday ,14 December

Bahrain press headlines For 14 Dec 2018

GMT 13:11 2015 Sunday ,03 May

What are the phrases successful people avoid?

GMT 14:13 2017 Saturday ,22 April

Hidden Michelangelo drawing goes on show in Rome

GMT 07:33 2018 Tuesday ,30 October

60 per cent of wildlife wiped out in 44 years

GMT 09:37 2018 Sunday ,23 September

Saudi National Day cause for regional celebration

GMT 14:38 2012 Friday ,15 June

El Sakka: will shoot ‘Red Lines\'

GMT 06:17 2017 Thursday ,20 April

Sheraton Dammam goes dark for Earth Hour

GMT 06:35 2016 Sunday ,27 November

Glamorous New York Fashion

GMT 14:11 2015 Tuesday ,07 July

Creative living room centerpiece ideas
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube
egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday