Burberry third-quarter sales slip 2% as it starts up-market move

Burberry reported a revenue of £719 million for the period on Wednesday. (Reuters)
Updated 17 January 2018
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Burberry third-quarter sales slip 2% as it starts up-market move

LONDON: British luxury brand Burberry reported a 2 percent drop in revenue for the three months to end-December after sales in Europe slipped against a year ago, while a fall in the pound helped it perform well in its home market.
Chief Executive Marco Gobbetti set out a plan in November to take the label further up-market, but it said there would be little, if any, growth in revenue and operating profit until its 2021 financial year as it implements the plan.
The company reported revenue of £719 million for the period on Wednesday. Comparable store sales rose 2 percent, it said.


Saudi Arabia and Spain’s Navantia plan combat management systems venture

Updated 18 February 2019
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Saudi Arabia and Spain’s Navantia plan combat management systems venture

  • The SANNI venture will integrate and adapt Navantia’s combat management systems for Saudi navy corvette ships

ABU DHABI: State-owned Saudi Arabian Military Industries (SAMI) signed an agreement on Monday with Spanish state-held shipbuilder Navantia to set up a joint venture to provide combat systems, the new partnership’s chief executive said on Monday.
The SANNI venture, the name of which stands for SAMI Navantia Naval Industries, will integrate and adapt Navantia’s combat management systems for Saudi navy corvette ships, said Antonio Barberan at the IDEX military exhibition in Abu Dhabi.
SANNI is also in talks with other potential customers in the Middle East, he said.
SAMI owns 51 percent of SANNI, with Navantia holding the remaining 49 percent.
In November SAMI and Navantia signed an agreement to jointly manufacture five corvettes for the Saudi navy.