Overview
- Burberry, which reported results Thursday, posted £49 million pre-tax profit for the year to March and £21 million after tax, reversing last year’s loss.
- Revenue fell 2% to £2.4 billion and the miss versus an £88 million pre-tax forecast knocked the shares in early London trading.
- Management secured about £80 million in savings toward a £100 million goal as Joshua Schulman pushed a return to staple outerwear such as the trench coat.
- Comparable-store sales rose about 2% for the year, with Greater China up around 4% and as much as 10% in the March quarter, and the Americas rising 4%.
- Governance is shifting as chairman Gerry Murphy plans to retire with Bridgepoint founder William Jackson set to take the role in November.