Burberry narrows first half loss on turnaround plan

London: Burberry narrowed losses in its first half, the British luxury fashion label said Thursday, thanks to sizeable cost cutting begun a year ago....

London: Burberry narrowed losses in its first half, the British luxury fashion label said Thursday, thanks to sizeable cost-cutting begun a year ago.

Its net loss stood at £26 million ($34 million) in the six months to the end of September, down on a loss after tax of £74 million one year earlier.

Faced with a drop in sales as the luxury sector suffered from weak Chinese demand, Burberry launched a cost-saving programme in November last year and hopes to save £80 million in its financial year, including via job losses.

"While it is still early days and there is more to do, we now have proof points that Burberry Forward is the right strategic path to restore brand relevance and value creation," chief executive Joshua Schulman said in Thursday's earnings statement.

Burberry, famed for its trench coats, has refocused also on outerwear in a bid to improve its fortunes.