UK-based Burberry, a global luxury brand with a distinctive British heritage, has made public its preliminary results for the year ended 31 March 2017.
The fashion brand reported a 21 per cent underlying drop in pre-tax profit to £ 462 million, dragged down by sluggish wholesale demand in the US. Revenues for the past year were £ 2.8 billion, down 2 per cent when adjusted for currency fluctuations. The company said it had cut costs by £ 20 million in the past year, and was on target to achieve a further £ 50 million of savings in 2018 and at least £ 100 million by 2019.
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Commenting on results, Christopher Bailey, Chief Creative and Chief Executive Officer, said, “2017 was a year of transition for Burberry in a fast changing luxury market. The actions we have taken to lay the foundations for future growth are yielding early benefits and I remain confident that these will build over time.”
