Reported profits before tax at Burberry fell to £395m in the year to March 31 2017, down from £416m.
Burberry autumn 17 (1)
Adjusted profits before tax were up £42m to £462m, in line with guidance.
Revenue hit £2.8bn, down 2% from last year. Retail sales were up 3%, but wholesale dipped by 14%.
Burberry said it had delivered £20m worth of cost savings in the year, which it plans to increase to £50m in the next financial year and £100m by the end of its 2019 financial year.
As previously reported by Drapers, the business will transfer around 300 roles to a new office in Leeds in October in a bid to further streamline costs. The move will allow the luxury brand to reduce its office space in London, generating savings.
New chief executive Marco Gobbetti will take over from Christopher Bailey in July. Bailey will become president and chief creative officer. Gobbetti joined the business in January from French luxury brand Céline.