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<Results>Burberry's Adjusted OP Dives 94% Last FY, Still Above Forecast; 1.7K Jobs Cut Worldwide
Burberry announced a global reduction of 1,700 positions in a bid to cut costs and revitalize its business. For the fiscal year ended March 29, the company's adjusted operating...
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<Results>Burberry's Adjusted OP Dives 94% Last FY, Still Above Forecast; 1.7K Jobs Cut Worldwide
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Burberry announced a global reduction of 1,700 positions in a bid to cut costs and revitalize its business. For the fiscal year ended March 29, the company's adjusted operating profit (OP) plummeted by 94% to GBP26 million but still surpassed the market expectation of GBP11 million.

Burberry's 4FQ comparable sales also fell by 6%, though it was better than analysts' forecast of a 7% drop. Its sales in the Americas, as well as in Europe, the Middle East, India, and Africa, declined by 4%, while the Asia-Pacific region saw a 9% decrease.

As geopolitical developments have made the economic outlook even more uncertain, Burberry did not provide specific guidance for the current fiscal year.

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