Trench-coat maker Burberry said it is taking further steps to cut costs and change its pricing strategy, ramping up turnaround efforts after it slid to a loss on sharply lower sales. The British luxury group outlined Thursday a new strategic plan following ...

Burberry will use its British heritage appeal to win back customers by focusing on trench coats and scarves and be less ambitious with prices on bags and shoes, the loss-making luxury brand said in a revamp that sent its shares up sharply.

Troubled British fashion house Burberry on Thursday announced a turnaround plan to kickstart the brand as it reported tumbling profits and a drop in sales.