Luxury British retailer Burberry has reported a 5% fall in pretax profit to £394.8m in the year to 31 March.
The group’s revenue of £2.8bn was also down on the previous year.
The high-end fashion brand said that the drop in performance had been prompted by weak wholesale demand in the US.
However, the business also benefited from the fall in the pound, reporting a 10% gain in adjusted profit at reported exchange rates.
Chief executive Christopher Bailey said: “2017 was a year of transition for Burberry in a fast-changing luxury market. The actions we have taken to lay the foundations for future growth are yielding early benefits and I remain confident that these will build over time.”
Marco Gobbetti takes over the role of chief executive from July.
“With his extensive experience in the sector, we will build on these foundations to elevate and strengthen the brand further and take Burberry to the next level as a global luxury retail and digital business,” Bailey said. “I am excited to work closely with him in this next chapter.”
