Burberry up 14% as City welcomes turnaround plan
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Burberry Group PLC's shares rose 14% after new CEO Joshua Schulman announced a turnaround plan, 'Burberry Forward', with £40 million in cost-savings. This comes after a challenging first half with a 22% drop in sales and £80 million in pre-tax losses.
November 14, 2024 | 10:00 am
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Burberry's shares increased by 14% following the announcement of a new turnaround plan by CEO Joshua Schulman, which includes significant cost-savings.
The 14% increase in Burberry's stock price indicates strong investor confidence in the new CEO's turnaround plan, which promises significant cost-savings. This positive market reaction suggests a likely short-term upward trend in the stock price.
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IMPORTANCE 90
RELEVANCE 100