Rolling coverage of the latest economic and financial newsIn the City, profits at Burberry have dropped by 40% as the luxury goods market continues to struggle.Burberry’s profits fell to £383m in the 12 months to the end of March, down from £634m a year earlier.While our FY24 financial results underperformed our original expectations, we have made good progress refocusing our brand image, evolving our product and strengthening distribution while delivering operational improvements.“While Burberry’s results highlight a significant global reduction in sales and the subsequent fragility of the luxury market at present, there are still plenty of opportunities for those that have the supply chain ingenuity and ability to deliver against specific customer requirements in this space.“Burberry has a proven track where this dynamic is concerned, given its aptitude in splitting its offering to suit key demographics that span demand for more obvious Burberry-led branding applies, while providing more subtle focused designs within its other lines – for example Thomas Burberry - thus, helping meet the need for quality and less obvious brand association at the same time Continue reading...