MoranElkarifNews: Embattled Burberry to cut 1,700 jobs amid turnaround

Burberry on Wednesday announced a slew of organizational changes, amid continued turnaround efforts at the embattled luxury house.

The company said the measures could lead to a “reduction in people-related costs which could impact around 1,700 roles globally” over the lifetime of the program, set to complete in 2027.

Burberry sales fell slightly less than expected in the fourth quarter, down 6% in the three months to March. Analysts had anticipated a 7% decline in a company-compiled consensus estimate.

For the fiscal year, sales were down 12% versus an anticipated 13% decline. Total revenue for the year was £2.461 million ($3.273 million), slightly ahead of an estimated £2.451 million.

Burberry had previously flagged a 4% uptick in U.S. sales in the third quarter amid weakness in the Asia Pacific and European, Middle East, India and Africa regions.

This is a developing story. Please check back for updates.