Burberry downgrades its profit outlook for 2024, citing reduced luxury demand and disappointing holiday sales. The brand anticipates that its adjusted operating profit for the financial year ending March 30, 2024, will fall between $554.5 million and $621 million (£410 million and £460 million), well below its previous guidance. This downgrade follows a warning in November about lower full-year profits due to a global slowdown in luxury goods demand. Burberry's CEO, Jonathan Akeroyd, remains confident in the brand's repositioning under designer Daniel Lee, aiming for a £4 billion ($5.4 billion) revenue target. However, analysts express skepticism about this goal, and Burberry's share price closed down by 4.8 percent. The brand's future strategy under Lee remains a focus, despite market skepticism and a recent share price drop.