Burberry’s fiscal fabric is bunching. The London-based fashion company just posted a significant drop — 40 percent — in its fiscal profits, further highlighting the challenge that luxury is facing.
Pretax profit showed £72 million (about $89 million) for the six months up to the end of September. That’s a gaping gap of £45 million compared to the £119.5 million last year. Costs did indeed cinch up because of the impending Brexit vote earlier this year.