Pedestrians walk past the Burberry Group Plc store in Hong Kong’s Causeway Bay shopping district (left).
Xiumei Oleros | Bloomberg | Getty Images
shares Burberry Shares opened down 10% on Monday after “disappointing” first-quarter results led the company to replace its chief executive and cut its dividend.
Joshua Schulman, who previously led Michael Kors and Coach, has been named the luxury giant’s new chief executive. Burberry said former chief executive Jonathan Akeroyd would resign with immediate effect “by mutual agreement with the board”.
Describing the company’s first-quarter results in a trading update, Burberry chairman Gerry Murphy said: “The weakness we highlighted in financial year 2025 has deepened, and if current trends continue into the second quarter, we expect to see further declines in the first half of the year.” Operating loss.” was “disappointing.”
“Given current trading conditions, we have decided to suspend the payment of our dividend for FY25… We expect the actions we are taking, including cost savings, will begin to deliver improvements in the second half of the year and strengthen our competitive position and underpin long-term growth.
This is a breaking news story. Please refresh for updates.
About The Author
