Burberry suspended its dividend for 2025 and announced a 40-million pound ($51-million) cost savings program, as Schulman said the brand needed to focus back on outerwear and its core customer.
LONDON ― Burberry 's new CEO Joshua Schulman announced a turnaround strategy for the struggling British luxury brand on Thursday, as sales continued to slide and it reported a loss for the first half of its financial year. Burberry suspended its dividend for 2025 and announced a 40-million pound cost savings program, as Schulman said the brand needed to focus back on outerwear and its core customer.
Burberry made an adjusted operating loss of 41 million pounds in the first half, and said it was too early to tell, with the crucial festive period ahead, whether it would make a profit for the full year.Sales in Burberry's second quarter ending Sept. 28 fell at the same pace as the first, with revenue for the first half down 20 percent in constant currencies.
Announces Turnaround Plan Reports H1 Loss
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