Burberry launches turnaround plan as posts loss [Yahoo! Finance]
KERING SA UNSP/ADR (PPRUY)
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Source: Yahoo! Finance
Burberry reported a net loss of £74 million ($94 million) in the six months to the end of September, down from profit after tax of £158 million in the same period last year. Revenue slid 22 percent to £1.09 billion, the group famed for its trench coats and trademark red, camel and black check design said in a statement. "Today, we are acting with urgency to... stabilise the business and position Burberry for a return to sustainable, profitable growth," said recently-appointed chief executive Joshua Schulman. Schulman said Burberry would refocus on outerwear, in-store productivity and reignite a "high-performance culture". It came following reports that Italian fashion brand Moncler had shown interest in buying the 168-year-old label. Burberry on Thursday added that it had halted dividend payments as it looks to save about £40 million. "Over the past several years, we moved too far from our core with disappointing results," the group said. Schulman was appointed CEO in J
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