Burberry Reports 21% Sales Decline, Suspends Dividend, and Announces New CEO

Burberry reports 21% sales decline in Q1
CEO Joshua Schulman replaced by Jonathan Akeroyd
Company suspended dividend for current fiscal year
Retail revenue was Σ458 million for the period
Sales dropped by 16% in EMEIA, 23% in Asia Pacific, and 23% in Americas
Burberry Reports 21% Sales Decline, Suspends Dividend, and Announces New CEO

Burberry shares plummeted over 16% on Monday after the luxury giant issued a profit warning, suspended its dividend for the current fiscal year, and replaced CEO Joshua Schulman with former Michael Kors and Coach leader, Jonathan Akeroyd. The company reported a 21% decline in sales during the first quarter ending June 29th, with retail revenue coming in at £458 million for the period. Sales dropped by 16% in EMEIA (Europe, Middle East, India and Africa), and by 23% in both Asia Pacific and the Americas. Burberry Chair Gerry Murphy described the first-quarter performance as


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Confidence

85%

Doubts
  • Are there any signs of recovery in the second quarter?
  • Is the sales decline due to external factors or internal mismanagement?

Sources

99%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Burberry shares drop 16% after the luxury giant issues profit warning and replaces CEO

CNBC News Katrina Bishop Monday, 15 July 2024 07:12
  • Unique Points
    • Burberry issued a profit warning and suspended its dividend for the current fiscal year.
    • Joshua Schulman was named as new CEO, replacing Jonathan Akeroyd.
    • Comparable store sales fell 21% in Q1 and retail revenue came in at £458 million for the period.
    • Sales declined by 16% in EMEIA, 23% in Asia Pacific, and 23% in the Americas.
  • Accuracy
    • The company reported a disappointing first-quarter performance with operating loss expected for the first half of this year.
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

96%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Burberry Replaces C.E.O. Amid ‘Disappointing’ Results

The Name Of The NZ Prefix. I PWA NZI.P.Was Dropped. Gregory Schmidt, Monday, 15 July 2024 09:00
  • Unique Points
    • Burberry reported a 20% decrease in revenue for its latest quarter which ended on June 29, 2024.
    • Jonathan Akeroyd is being replaced by Joshua Schulman as the CEO of Burberry.
    • The luxury market downturn is proving more challenging than expected according to Gerry Murphy, chairman of Burberry.
  • Accuracy
    • Burberry expects earnings to suffer and may report an operating loss for the first six months of its fiscal year and a lower-than-expected profit for the full year.
    • Sales declined by 16% in EMEIA, 23% in Asia Pacific, and 23% in the Americas.
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

94%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Burberry replaces chief executive and warns on profits

Financial Times Monday, 15 July 2024 13:50
  • Unique Points
    • Burberry has replaced its CEO
  • Accuracy
    • Burberry warned on profits
    • Burberry reported a profit decrease or loss for the first half of the year
    • Dividend was suspended for FY25
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (0%)
    None Found At Time Of Publication

97%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Burberry replaces CEO with ex-Michael Kors boss as it issues profit warning

Retail Gazette Monday, 15 July 2024 06:50
  • Unique Points
    • Burberry has replaced its CEO, Joshua Schulman has been hired to replace Jonathan Akeroyd
    • First quarter sales fell by a fifth to £458m
    • Americas and Asia Pacific both experienced a 23% drop in sales
    • Europe, Middle East, India and Africa (EMEIA) reported a 16% fall in sales
  • Accuracy
    • Sales declined by 16% in EMEIA, 23% in Asia Pacific, and 23% in the Americas.
    • Burberry expects to report an operating loss for the first half of the year.
    • Dividend payments have been suspended for FY25
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (90%)
    The article contains an appeal to authority fallacy when it states that Joshua Schulman joins Burberry with a track record of driving transformative growth and value creation as CEO of global luxury, fashion, and retail businesses. This statement implies that because Schulman was successful in previous roles, he will be successful at Burberry.
    • Joshua Schulman joins Burberry with a track record of driving transformative growth and value creation as CEO of global luxury, fashion, and retail businesses.
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (0%)
    None Found At Time Of Publication