Burberry plunged 15% after announcing the immediate departure of its CEO Jonathan Akeroyd and his replacement by Joshua Schulman, former CEO of American fashion brands Michael Kors and Coach, in an earnings warning.

In its first accounting quarter (ending June 29), the British luxury house saw retail sales fall by 22% to £458 million (-20% at constant exchange rates and -21% on a like-for-like basis).

'This slowdown continued in July. If this trend were to continue in the current quarter, the operating loss for the first accounting half and the operating profit for the year would be worse than current consensus', it warns.

'As we move through this period, we have decided to suspend dividend payments for the 2024-25 financial year in order to maintain a strong balance sheet and our ability to invest in Burberry's long-term growth', the group continues.

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