Burberry checked: Luxury retailer set to report seven per cent profit drop
Luxury retailer Burberry will reportedly announce a dramatic reduction in annual profits this week.
According to The Sunday Times, the firm is likely to report a 7 per cent drop in profits to £415m for the year to the end of March, with Burberry chief executive Christopher Bailey likely to unveil a raft of cost-cutting measures.
It comes after the retailer revealed a drop in second half revenues, which caused its share price to drop by more than six per cent in a single morning.
Speaking at the time, Bailey said: “In an external environment that remains challenging for luxury, we continue to focus on reducing discretionary costs and are making good progress with developing enhanced future productivity and efficiency plans.”
A Burberry spokesman declined to comment.