LONDON — Burberry Group plc blasted through the one-billion pound sales milestone in the year ended March 31, but revenue growth failed to halt a slide into the red as a result of lower gross margins, investment in a new cost-efficiency plan, and a series of extraordinary, noncash charges.
The company posted a loss of 5.1 million pounds, or $8.8 million, for the year, compared with a profit of 135.2 million pounds, or $232.5 million, a year earlier. Adjusted profit before taxes fell 12.5 percent to 175 million pounds, or $301 million, from 200 million pounds, or $344 million, due to lower gross margins from sales of discounted stock.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"