[J_News_photo - stock.adobe.com]
Luxury goods maker Burberry Group Plc on Monday ousted its chief executive, suspended dividend payments and issued a profits warning after a slump in first-quarter revenues due to weak demand in all markets.
Former Michael Kors boss Joshua Schulman was named as new CEO, replacing Jonathan Akeroyd who was leaving with immediate effect by mutual agreement, after just two years in the job.
The company said retail sales in the 13 weeks to June 29 fell by 22% to £458m, citing "slowing luxury demand with all key regions impacted by macroeconomic uncertainty and contributing to the sector slowdown".
"The slowdown in trading we experienced in the first quarter of full-year 2025 continued into July. If this trend were to continue through the current quarter, we would expect to report a first-half operating loss and full-year operating profit to be below current consensus," Burberry said on Monday.
Reporting by Frank Prenesti for Sharecast.com