Decline in luxury spending spells trouble for Burberry's bottom line
Burberry has recorded a 40% slide in its pre-tax profits for the financial year ending on 30 March to £383 million (€446.50 million), down from £634 million (€739.04 million) a year earlier. Revenues were down by 4% to £2.97 billion, compared to last year’s £3.09 billion. In a statement, Burberry's CEO Jonathan Akeroyd said: "Executing our plan against a backdrop of slowing luxury demand has been challenging." Burberry is just one of several firms hit by a decline in demand for luxury products as a post-pandemic splurge comes to an end. Gucci-owner Kering recently sounded the alarm over subdue...