Global luxury goods market continues to face a cold winter! Burberry (BURBY.US) sees a decline in Q4 sales and plans to cut its workforce by 18%.

According to the Zhitong Finance APP, British trench coat manufacturer Burberry (BURBY.US) saw a smaller decrease in fourth-quarter sales than market expectations. However, the adjusted operating profit for the year reached 26 million pounds, higher than market expectations but far lower than the previous year's 418 million pounds. Burberry also plans to cut nearly one-fifth of its workforce as its new CEO attempts to reverse the decline. Previously, the company's efforts to enter high fashion failed due to declining global luxury goods demand.