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Burberry Profits Down, GBP100m Cost Cuts Planned By 2019
- Campaign, Wednesday, May 18, 2016 6:20 AM
Burberry plans to axe GBP100m in costs by 2019, with GBP20m of those savings being delivered by 2017, as its profit declined again. Adjusted profit before tax for 2016 fell 10% to GBP421m, higher than the 7% drop predicted by analysts earlier this week. The global luxury market remains extremely challenging, the company said, pointing to declines in Hong Kong in particular.
