May 14 (UPI) -- British luxury clothing company Burberry said Wednesday it will cut 1,700 jobs as it continues struggling to stabilize revenue while cutting operating expenses.
"We expect these proposed incremental savings to come from operating expenses, with increased efficiency of spend in procurement and real estate, and a reduction in people-related costs which could impact around 1,700 roles globally over the life of the program, subject to consultation where applicable," Burberry said in a statement.
Burberry announced organizational changes as it reported financial results.
Sales were down 6% in the fiscal fourth quarter January-March. Fiscal year sales were 12% lower.
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