Burberry shares drop 16% after the luxury giant issues profit warning and replaces CEO
Publishing timestamp: 2024-07-15 07:12:02
Summary
Burberry's shares plunged 16% after disappointing fiscal first-quarter performance led to a profit warning, CEO replacement, and dividend suspension. The company expects to report an operating loss for the first half of the year and full-year operating profit below consensus. New CEO Joshua Schulman has been appointed, and the company plans to focus on cost savings and reconnecting with its core customer base.
Sentiment: NEGATIVE
Tickers: BRBY-GB,
Keywords: apparel retail, earnings, breaking news: europe, dividends, luxury, business news, india, burberry group plc, richard chamberlain, michael kors,
Source: https://www.cnbc.com/2024/07/15/burberry-replaces-ceo-suspends-dividend.html