Burberry could axe 1,700 jobs as part of turnaround plan

(Sharecast News) - Troubled luxury brand Burberry swung to a full-year loss amid a slump in revenue and warned that 1,700 jobs could be at risk as part of its ongoing turnaround plan. The company posted a £66m pre-tax loss for the year to March 29 compared to a profit of £418m a year ago. Revenue fell 17% to £2.46bn.

It also revealed that organisational changes as part of a turnaround plan could see it slash 1,700 jobs globally.

"We are still in the early stages of our turnaround. The current macroeconomic environment has become more uncertain in light of geopolitical developments," the company said on Wednesday.

Reporting by Frank Prenesti for Sharecast.com