- Shares tumble 16 per cent on dividend suspension and profit downgrade
- Chief executive out of the door immediately
Luxury fashion group Burberry (BRBY) has suspended its dividend and replaced its chief executive amid persistent trading difficulties. Revenue for the three months to the end of June was down 20 per cent at constant currency to £458mn – and management said the sales slowdown has continued into July. The shares fell more than 16 per cent on the morning of 15 July. The final dividend for the year ending 30 March will still be paid, subject to approval at Tuesday's AGM.