The news: Burberry’s new CEO Joshua Schulman is “acting with urgency” to restore the beleaguered brand’s fortunes after its brand elevation strategy failed to gain traction with consumers, wealthy or otherwise.

• Comparable retail sales fell 20% year over year (YoY) for the quarter ended September 28.
• The company reported a £41 million ($51 million) loss during the first half of its fiscal year, compared with the £223 million ($277 million) profit it reported in the year-ago period.