The British clothing chain Burberry reports an unexpectedly weak sales development for the broken fiscal year's first quarter, concluded in June. In connection with the report, it is announced that CEO Jonathan Akeroyd is leaving with immediate effect.
The board appoints Joshua Schulman as new CEO.
Sales during the quarter amounted to 458 million pounds, compared to expected 491 million.
The decline in the first quarter appears to continue into July, according to Burberry, which attaches a profit warning to the sales report.
If the weak trend persists, the company fears that it will report a loss for the first half of the fiscal year and that the result for the entire fiscal year – which concludes in the spring of 2025 – will be lower than the average forecast.
