Burberry to Cut 500 Jobs Globally After Sales Slump in Lockdowns

Burberry Group Plc said it will cut 500 jobs globally to cut costs after lockdowns caused sales to plunge by almost half in the past quarter.

The British fashion house said comparable retail sales fell 45% in the quarter and predicted that the pandemic will continue to hurt performance in the current period. Covid-19 prompted luxury boutiques to shut around the world, and in some markets consumers are only now venturing back onto shopping streets.

Burberry shares fell as much as 6.7% early Wednesday in London.

The job cuts include 150 office positions in the U.K., or about 4% of ...