Burberry CEO Jonathan Akeroyd has missed out on a bonus after the luxury brand reported a pre-tax profit slump to £383m from £636m in the year ended 30 March.
This comes as revenues at the group fell to £2.96bn from £3.094bn in the prior year, as comparable store sales dropped by 1%.
According to the group, the growth it experienced in the first half of the year was offset by a challenging second half when there was an 8% drop.
As a result, debt at Burberry has more than doubled to £1.1bn.
Akeroyd, who joined Burberry as CEO in April 2022, also received no bonus last year after only partially meeting performance expectations.
This means Akeroyd will receive a total pay of £1.3m for the year to April, which spells a 70% drop on a year earlier when it totalled £4.3m.
Executive bonuses at Burberry are measured based on its operating profit, as well as its performance in strategy, brand, and environmental and social targets.
Danuta Gray, chairman of the remuneration committee at Burberry, said: “In light of the business performance and broader shareholder experience, the committee and Jonathan Akeroyd agreed that it would not be appropriate for him to receive an annual bonus for FY 2023/24.”
