Shares in Burberry plunged in early European trade Monday after a “disappointing” first-quarter performance led it to replace its CEO and axe its…
Burberry said that if the recent trading slowdown continues, it expects to report an operating loss for the first half of this year and full-year operating profit below current consensus.The company also suspended its dividend and named Joshua Schulman — formerly of Michael Kors and Coach — as new CEO, with Jonathan Akeroyd to step down"with immediate effect.
"In light of current trading, we have decided to suspend dividend payments in respect of FY25 ... We expect the actions we are taking, including cost savings, to start to deliver an improvement in our second half and to strengthen our competitive position and underpin long-term growth."Burberry said comparable store sales fell 21% in the 12 weeks to June 29, with retail revenue coming in at £458 million for the period.
"We are operating against a backdrop of slowing luxury demand with all key regions impacted by macroeconomic uncertainty and contributing to the sector slowdown," Burberry added.
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