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Burberry to overhaul retail operations after 10 pct fall in profit

Reuters - UK Focus

LONDON, May 18 (Reuters) - British luxury fashion group Burberry said it would overhaul its retail operations and simplify its product range after its full-year profit fell 10 percent.

It (Other OTC: ITGL - news) said it expected the market to remain challenging this year meaning profit is likely to come in towards the bottom of market forecasts, and more weighted to the second half than last year.

The group, famous for its trench coats, has been hit by a slowdown in Chinese tourists visiting its stores in Europe, and weak demand in Hong Kong.

Burberry reported adjusted pretax profit of 421 million pounds ($609 million) for the year to end-March, broadly in line with analysts' forecasts.

($1 = 0.6929 pounds) (Reporting by Paul Sandle; editing by Kate Holton)