Burberry tracks biggest intraday gain on cost savings programme
Updates
** Shares of Burberry BRBY.L rise as much as 18.9%to 869.8p, top pct. gainer on FTSE midcaps .FTMC index, which is up 0.04%
** Stock to log biggest intraday pct gain ever, if trend holds
** 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 year
** Announces turnaround plan to focus on core products like trench coats and scarves
** "Burberry can only hope that these results represent a line in the sand, and that its revised energy will return it to previous glories," say analysts at Interactive Investor
** Barclays' analysts say BRBY's H1 operating loss slightly better than consensus of 45 mln pounds in loss
** BRBY stock down ~45% YTD
($1 = 0.7879 pounds)
Reporting by Yamini Kalia and Prerna Bedi in Bengaluru
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