Burberry (GB:BRBY) has released an update.
Burberry’s first-quarter report for FY25 revealed a disappointing performance, with a 22% decline in reported retail revenue and a 21% drop in comparable store sales. The company is suspending dividend payments for FY25 and focusing on strategies such as rebalancing product offerings and improving operational efficiencies to mitigate the effects of a challenging luxury market. Additionally, Burberry announced the immediate replacement of CEO Jonathan Akeroyd with Joshua Schulman.
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