Burberry Shares Slump After Disappointing Profits And New CEO

Topline Burberry shares slumped 16% Monday after the British fashion house replaced industry veteran Jonathan Akeroyd as CEO following a 20% drop in sales in the first quarter, amid a broader slowdown in the luxury market. The brand appointed Joshua Schulman as CEO Monday © 2024 Bloomberg Finance LP Key Facts Burberry issued its second profit warning of the year Monday after reporting the ongoing drop in sales in the first quarter, in line with the company's 40% plunge in profits within the last year. The b ...