Tag: $Burberry

American shoppers are buying into the allure of British heritage fashion, providing a glimmer of hope for beleaguered Burberry’s turnaround even as U.S. headwinds loom.

Burberry (LON:BRBY) shares rose more than 5% in London trading on Wednesday as Wall Street analysts adopted a more positive stance ahead of the company’s first-quarter trading update due July 18.

Burberry (BRBY.L), plans to shed 1,700 jobs or around a fifth of its global workforce, it said on Wednesday, as the British luxury brand cuts costs to revive its performance, sending its shares up 8%.

Stock rises nearly 15% as luxury brand sets out plan to refocus on core products such as trench coats and scarves

Shares in Burberry rose as much as 8% on Monday after website Miss Tweed reported that Italy’s Moncler was considering a bid for the London-listed luxury group to create an outdoor clothing specialist giant.

Shares in Burberry plunged over 16% on Monday after a disappointing first-quarter performance led it to issue a profit warning, replace its CEO and axe its dividend.

Burberry on Wednesday said the slowdown in the luxury goods market hit its sales in the final quarter of 2024 and led to a sharp 34% drop in its full-year profits.  

Britain’s Burberry blamed a worsening slowdown in demand for luxury goods for its second downgrade in three months, and warned of a tough challenge ahead as it launches a strategy to move upmarket, in a blow to its shares.

In its fiscal second-quarter earnings report Thursday, Burberry reported that comparable store sales growth slowed to just 1%, down from 18% in the previous quarter, as momentum in China fizzled out.