British luxury brand Burberry is cutting 15-20% of its product lines, aiming to focus on its newest ranges as it battles to attract shoppers in a volatile luxury goods market.
The company reported a 24% drop in first-half underlying profit on Wednesday, in line with expectations.
The company had already announced a 4% drop in half-year sales to 1.16 billion pounds last month as weak demand in some overseas markets offset a surge in sales in its British home as tourists took advantage of a lower pound.
Shares in Burberry, along with other luxury groups such as LVMH, fell on Wednesday after Donald Trump's victory in the U.S. presidential election added to uncertainty over prospects for the global economy, analysts said. Burberry makes about 20% of its sales in the United States.
At 1100 GMT, the shares, which have risen 6% since the sales update on Oct. 18, were down 2.4% at 1,445 pence. French rival LVMH was down 2.9%.