Looks Like Daniel Lee's Revamp of Burberry Isn't Going Well [Yahoo! Finance]
BURBERRY GROUP PLC S/ADR (BURBY)
NASDAQ:AMEX Investor Relations:
burberryplc.com/en/investors.html
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Source: Yahoo! Finance
On Wednesday, Burberry Group PLC published its preliminary results for the fiscal year ending on March 30, 2024, which covered Daniel Lee's first few collections for the British fashion house. (The designer made his debut for Fall 2023. That product arrived in stores in September.) It revealed that reported revenue was down 4%, to £2.97 billion, and that its adjusted operating profit decreased 34%, to £418 million, with particularly tough times in the Asia-Pacific and U.S. markets. In a statement, CEO Jonathan Akeroyd admitted that "executing our plan against a backdrop of slowing luxury demand has been challenging." "While our FY24 financial results underperformed our original expectations, we have made good progress refocusing our brand image, evolving our product and strengthening distribution while delivering operational improvements," he said. "We are using what we have learned over the past year to finetune our approach, while adapting to the external environment. We remain
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