Burberry narrows first half loss on turnaround plan / Photo: © AFP
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Burberry narrows first half loss on turnaround plan
Burberry said Thursday it narrowed losses in its first half thanks to the British luxury fashion label's turnaround plan begun a year ago.
Its net loss stood at £26 million ($34 million) in the six months to the end of September, down on a loss after tax of £74 million one year earlier.
Faced with a drop in sales as the luxury sector suffered from weak Chinese demand, Burberry launched a cost-saving programme in November last year.
"While it is still early days and there is more to do, we now have proof points that Burberry Forward is the right strategic path to restore brand relevance and value creation," chief executive Joshua Schulman said in Thursday's earnings statement.
Burberry, famed for its trench coats, has refocused also on outerwear in a bid to improve its fortunes.
Schulman was appointed chief executive in July last year after former CEO Jonathan Akeroyd left the group following weak results blamed also on poor strategy.
Signs of improvement were already evident in September when Burberry rejoined London's top-tier FTSE 100 shares index, which it had exited a year earlier.
Nevertheless, the group announced Thursday that sales fell five percent to £1.0 billion in its first half.
G.Haefliger--VB
