Are investors looking forward to a change at Burberry (BRBY)? Possibly, if the results-driven bump in the share price is any indication. This marked the last set of numbers for current chief executive Christopher Bailey, who will give up that title to Marco Gobbetti in July. But as part of his closing comments, Mr Bailey said the foundations for future growth have already been laid.
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First, a cost-saving programme is well under way. Last year the group clawed back £20m in annual savings, with £50m scheduled for FY2018 and at least £100m come FY2019. Management has also secured a new strategic partnership with beauty giant Coty to recharge growth for its cosmetics line.