Shares in Burberry plunged on Monday after a disappointing first-quarter performance led it to issue a profit warning, replace its CEO and axe its dividend.
Burberry said that if the recent trading slowdown continues, it expects to report an operating loss for the first half of this year and full-year operating profit below current consensus.The company also suspended its dividend and named Joshua Schulman — formerly of Michael Kors and Coach — as new CEO, with Jonathan Akeroyd to step down "with immediate effect."
It also suspended its dividend and named Joshua Schulman — who formerly led Michael Kors and Coach — as new CEO. Jonathan Akeroyd is stepping down "with immediate effect by mutual agreement with the Board," the company added.
RBC analysts Piral Dadhania and Richard Chamberlain said the results were "incrementally worse vs the already lowered guidance for FY24." "We are operating against a backdrop of slowing luxury demand with all key regions impacted by macroeconomic uncertainty and contributing to the sector slowdown," Burberry added.
Michael Kors Luxury Earnings Dividends Burberry Group PLC Apparel Retail India Richard Chamberlain Business News
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