Burberry Group plc (BRBYL.XC)

UPDATE 3-Burberry looks to classics after Lee's designs struggle to excite

Burberry said on Wednesday it would increase its focus on classic designs like trench coats after a sharp fall in sales in the fourth quarter when stores featured new designer Daniel Lee's collection of more expensive runway fashion. Burberry has been trying to move upmarket under its latest banner of "Modern British Luxury", with references to the brand's 168-year-old heritage, dressing the English upper class. Results published on Wednesday showed the extent of the challenge facing Chief Executive Jonathan Akeroyd, with fourth-quarter like-for-like sales slumping 12% and annual profits down by 34% to 418 million pounds ($526 million).