Burberry FY16 revenue down, initiates three year plan to drive growth

In its preliminary results announcement for the year ending March 31, 2016, Burberry has said that the company’s revenue reached 2.5 billion pounds (3.1 billion dollars) down 1 percent underlying. Comparable sales declined 1 percent but were up 3 percent excluding Hong Kong and Macau. Adjusted PBT stood at 421 million pounds (525 million dollars), down 10 percent. The company also detailed ambitious three year plan to drive revenue growth, improve productivity and deliver at least 100 million pounds (124 million dollars) of cost savings as challenging external environment continues.