Burberry announces cost-cutting plans as revenue falls

LONDON (AP) — Luxury clothes maker Burberry has announced wide-ranging cost-cutting plans after reporting a drop in earnings due in part to weak sales in Asia.

Richard Hunter, research chief at Wilson King Investment Management, said "the ambitious cost-cutting program will be aligned with an attempt to boost productivity, but in the meantime metrics such as earnings per share and profits have moved in the wrong direction."