Luxury retailer Burberry faced a significant setback as its shares plummeted 11% following a disappointing first-quarter performance, prompting a profit warning, CEO replacement, and dividend suspension. The company anticipates a potential operating loss for the first half of the year and a full-year profit below expectations if the current trading slowdown persists. Joshua Schulman, former leader of Michael Kors and Coach, has been appointed as the new CEO, while Jonathan Akeroyd steps down immediately by mutual agreement with the Board. With a focus on cost savings and operational improvements, Burberry aims to bounce back and strengthen its competitive position. Amid a 21% drop in comparable store sales and revenue declines across regions, the company plans to reconnect with its core customer base through product rebalancing, brand communication refinement, and website enhancements. Stay tuned for further updates on this developing situation.