Burberry climbs on cost savings programme as co swings to H1 loss
** Shares of Burberry BRBY.L rise 6.8% to 781p, the top pct gainer on FTSE midcaps .FTMC index, which is up 0.05%
** British luxury retailer initiates a 40 mln pounds($50.77 mln) annual cost-savings programme
** Swung to HY adjusted operating loss of 41 mln pounds from a profit of 223 mln pounds last yr
** H1 revenue slid 20% in constant currencies; Asia Pacific weakest region in Q2 with sales down 28%
** Announces turnaround plan to focus on core products like trench coats and scarves
** "Today, we are acting with urgency to course correct, stabilise the business and position Burberry for a return to sustainable, profitable growth," CEO Joshua Schulman says in a statement
** BRBY stock down ~45% YTD
($1 = 0.7879 pounds)
Reporting by Yamini Kalia and Prerna Bedi in Bengaluru
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