Burberry Group PLC (LSE:BRBY) faces a race to revive fortunes by turning back to its roots after the luxury firm’s strategic update and results on Thursday offered initial relief.
AJ Bell analyst Russ Mould noted the turnaround, which boss Joshua Schulman said would see focus return to its core traditional product range, was needed.
Aviva PLC (LSE:AV.) latest trading up shows healthy sales across the group's target areas, says Jefferies, notably General Insurance premiums, up 15%, Wealth Net Flows up 21%, Protection & Health sales 22%, and Retirement sales 67% including a big chunk of bulk annuities.
“We also understand that year-to-date Aviva has £7.8bn of bulk annuities, which is at the top end of the £7bn-£8bn expectation.”
Burberry Group PLC's (LSE:BRBY) shares surged 14% in early trading as investors responded positively to a turnaround strategy introduced by new CEO Joshua Schulman, which includes a higher-than-expected £40 million in cost-savings.
The British luxury fashion brand announced its “Burberry Forward” plan following a challenging first half, marked by a 22% drop in sales to £1.09 billion and pre-tax losses of £80 million.