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Burberry replaces chief executive and warns on profits

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Burberry replaces chief executive and warns on profits

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Fashion group Burberry has replaced its chief executive and suspended its dividend after warning that annual profits will fall short of expectations.

The company, which is best known for its trenchcoats, said Jonathan Akeroyd, who had been in the role for two years, is leaving immediately “by mutual agreement”. He will be replaced by Joshua Schulman, a former chief executive of Coach and Jimmy Choo.

Under Akeroyd, Burberry had sought to put “Britishness” at the heart of efforts to revive the brand and take it more upmarket. But the company has struggled to engineer a recovery in the face of a wider downturn in the luxury sector.

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“Josh is a proven leader with an outstanding record of building global luxury brands and driving profitable growth,” said Burberry chair Gerry Murphy.

The 52-year-old American will join as chief executive on July 17 and be based at Burberry’s head office in London.

Burberry said that if the weak trading in the first quarter persisted into the second, the group would report an operating loss for the first half and that annual profits would be below expectations.

As a result of the deterioration in trading, Burberry said it would suspend its full-year dividend to strengthen its balance sheet.

The group said that with the exception of Japan, sales fell across all its markets in the first quarter of the year, with overall same-store sales dropping 21 per cent.

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Akeroyd had been targeting sales of £5bn in the long term by selling more higher-margin leather goods, shoes and accessories, such as its Rocking Horse handbags.

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Election 2024 Polls: Minnesota

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Election 2024 Polls: Minnesota

About our polling averages

Our averages include polls collected by The New York Times and by FiveThirtyEight. The estimates adjust for a variety of factors, including the recency and sample size of a poll, whether a poll represents likely voters, and whether other polls have shifted since a poll was conducted.

We also evaluate whether each pollster: Has a track record of accuracy in recent electionsIs a member of a professional polling organizationConducts probability-based sampling

These elements factor into how much weight each poll gets in the average. And we consider pollsters that meet at least two of the three criteria to be “select pollsters,” so long as they are conducting polls for nonpartisan sponsors. Read more about our methodology.

The Times conducts its own national and state polls in partnership with Siena College. Those polls are included in the averages. Follow Times/Siena polling here.

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Sources: Polling averages by The New York Times. Individual polls collected by FiveThirtyEight and The Times.

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Donald Trump picks Ohio senator JD Vance as 2024 running mate

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Donald Trump picks Ohio senator JD Vance as 2024 running mate

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Donald Trump has picked Senator JD Vance as his running mate, elevating a former US marine who grew up poor in a move that could help the former president win votes across the crucial swing states of the industrial Midwest.

Trump announced Vance, the junior US senator from Ohio, as his vice-presidential pick on the first day of the Republican National Convention in Milwaukee, and just two days after a gunman attempted to assassinate him.

Trump confirmed his pick in a post on his Truth Social platform on Monday afternoon, saying “after lengthy deliberation and thought, and considering the tremendous talents of many others”, he had decided Vance was the “person best suited to assume the position of vice-president”.

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Vance, who once described Trump as an “idiot” and said he was a “never Trump guy”, has been among the former president’s most ardent supporters in recent years and one of his most fluent surrogates on the campaign trail.

The announcement ended months of speculation and completed the Republican party’s 2024 ticket with less than four months to go until November’s election. Trump leads his Democratic rival, President Joe Biden, in most national and swing state polls.

Trump’s decision marks a meteoric rise for Vance, who was elected to the Senate for the first time just two years ago. If Trump, 78, wins another term, Vance, 39, will be just a heartbeat away from the presidency. The vice-president is the first person in the presidential line of succession.

Vance first came to national prominence in 2016 with the publication of Hillbilly Elegy, his memoir about growing up in white, working-class America surrounded by substance abuse. The US Marine Corps veteran and Yale Law School graduate worked in venture capital before turning to politics.

Soon after Trump’s announcement, Biden issued a call for donations to his campaign, posting on X: “Here’s the deal about JD Vance. He talks a big game about working people. But now, he and Trump want to raise taxes on middle-class families while pushing more tax cuts for the rich.”

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Trump suggested on Monday that Vance’s background would help him appeal to voters in the industrial Midwest. He said in his social media post that his running mate would be “strongly focused on the people he fought so brilliantly for, the American Workers and Farmers in Pennsylvania, Michigan, Wisconsin, Ohio, Minnesota, and far beyond”.

Pennsylvania, Michigan and Wisconsin are seen as critical battleground states for Trump to win if he is to secure another four years as president.

Scott Reed, a veteran Republican strategist, praised the pick, saying: “Vance will help Trump climb the blue wall of Michigan, Wisconsin and Pennsylvania — and win the White House.”

Within minutes of Trump’s post, his campaign published a 60-second advertisement featuring the Ohio senator and the branding “Trump-Vance 2024”.

Vance’s brand of populist politics has earned him plaudits from the Republican base and Trump. But it has also ruffled feathers among more traditional Republicans who bristle at his isolationist foreign policy views — the senator has long opposed more US aid for Ukraine — and embrace of a higher minimum wage, trade protectionism and more aggressive antitrust enforcement.

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“Wall Street will be begging for the return of Lina Khan after two months of the Trump-Vance administration,” said one New York dealmaker, reacting to the news.

GOP consultant Ken Spain said Vance “proudly represents the ascendant blue-collar wing of the GOP that is sceptical of business”, adding: “He’s not a counterweight to Trump aimed at ‘balancing out’ the ticket. He’s a potential heir apparent.”

Trump had delayed making an announcement until the last possible minute, in a drawn-out process that he likened to a “highly sophisticated version of The Apprentice”, his one-time reality television franchise. As recently as last week, he had said he was still weighing “four or five” possible running mates.

Trump famously fell out with his former vice-president, Mike Pence, after the January 6 2021 attack on the US Capitol, when a mob of the then-president’s supporters threatened Pence for his decision to certify the results of the 2020 presidential election, confirming Biden’s victory.

Pence has not endorsed Trump’s latest bid for the White House, but at the weekend said he was praying for his former boss’s “full recovery” after the shooting at a campaign rally in Pennsylvania.

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Additional reporting by James Fontanella-Khan in New York and Alex Rogers in Washington

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See full RNC roll call of states vote results for the 2024 Republican nomination

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See full RNC roll call of states vote results for the 2024 Republican nomination

Washington — Republican governors, lawmakers and nearly 2,500 delegates are convening in Milwaukee, Wisconsin, for the Republican National Convention, with former President Donald Trump formally receiving the party’s 2024 nomination for president during a roll call vote of the state delegations Monday.

The roll call brings to an end the GOP presidential primary, though it’s been known for months that Trump would be the party’s choice to take on President Biden in November. The former president clinched the nomination in March, after he secured the 1,215 Republican delegates needed to become the presumptive GOP presidential nominee.

Trump announced Ohio Sen. J.D. Vance as his vice presidential running mate as the roll call was underway. Trump will also deliver a speech formally accepting the Republican presidential nomination to close out the convention Thursday.

With the announcement of Florida’s 125 votes for Trump, delivered by his son, Eric Trump, the GOP officially nominated him for president. Eric Trump was accompanied by Donald Trump Jr., the former president’s eldest son, and Tiffany Trump, his daughter.

House Speaker Mike Johnson, who is chair of the convention, announced at the conclusion of the roll call that 2,387 votes were cast for Trump.

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“Let’s make it official,” he said. “Accordingly, the chair announces the President Donald J. Trump, having received a majority of the votes entitled to be cast at the convention, has been selected as the Republican Party nominee for president of the United States.”

Results of the RNC roll call of states for 2024

State delegations announced their votes for the presidential nomination. Here is the breakdown of votes from each state and territory:

  • Iowa: 40 votes for Trump
  • Nevada: 26 votes for Trump
  • Oklahoma: 43 votes for Trump
  • West Virginia: 32 votes for Trump
  • New Hampshire: 22 votes for Trump
  • Nebraska: 36 votes for Trump
  • California: 169 votes for Trump
  • Tennessee: 58 votes for Trump
  • Washington state: 43 votes for Trump
  • Alabama: 50 votes for Trump
  • Massachusetts: 40 votes for Trump
  • Indiana: 58 votes for Trump
  • Georgia: 59 votes for Trump
  • Utah: 40 votes for Trump
  • Maryland: 37 votes for Trump
  • Texas: 161 votes for Trump
  • Ohio: 79 votes for Trump
  • American Samoa: 9 votes for Trump
  • Wisconsin: 41 votes for Trump
  • New York: 91 votes for Trump
  • Florida: 125 votes for Trump
  • Puerto Rico: 23 for Trump
  • Kentucky: 46 votes for Trump
  • Hawaii: 19 votes for Trump
  • Kansas: 39 votes for Trump
  • Louisiana: 47 votes for Trump
  • Delaware: 16 votes for Trump
  • Guam: 9 votes for Trump
  • Connecticut: 28 votes for Trump
  • Alaska: 29 votes for Trump
  • Oregon: 31 votes for Trump
  • Mississippi: 40 votes for Trump
  • Northern Mariana Islands: 9 votes for Trump
  • Wyoming: 29 votes for Trump
  • Maine: 20 votes for Trump
  • Missouri: 54 votes for Trump
  • Idaho: 32 votes for Trump
  • Illinois: 64 votes for Trump
  • North Dakota: 29 votes for Trump
  • Arizona: 43 votes for Trump
  • New Jersey: 12 votes for Trump
  • U.S. Virgin Islands: 4 votes for Trump
  • North Carolina: 62 votes for Trump; 12 votes to be cast pursuant to convention rules
  • Arkansas: 40 votes for Trump
  • Virginia: 42 votes for Trump; 6 votes to be cast pursuant to convention rules
  • Michigan: 51 votes for Trump; 4 votes to be cast pursuant to convention rules
  • Minnesota: 39 votes for Trump
  • Colorado: 37 votes for Trump
  • Rhode Island: 19 votes for Trump
  • Pennsylvania: 67 votes for Trump
  • South Dakota: 29 votes for Trump
  • New Mexico: 22 votes for Trump
  • Montana: 31 votes for Trump
  • South Carolina: 50 votes for Trump
  • Vermont: 17 votes for Trump
  • Washington, D.C.: 19 votes to be cast pursuant to convention rules

How does the RNC’s roll call of states work?

During the roll call, the head of each state’s and territory’s delegation was called on to announce the votes of their state or territory’s respective nomination for president. If a state delegation had passed when its name is called, it will be called again at the conclusion of the roll call.

Delegates are selected to represent their state or area at the convention, and most of those are bound to back Trump, as they’re required to vote in accordance with the outcome of their state’s primary or caucus. Roughly 150 delegates were unbound heading into the convention, since a small number of delegations, including those from Montana, New Mexico and South Dakota, were not required to vote for their state’s chosen candidate.

Trump came into the convention with an estimated 2,243 delegates based on the results of primaries and caucuses held earlier this year, according to the CBS News Delegate Tracker.

What happens to delegates for candidates who have dropped out?

Though Trump cruised to victory during the primary elections, his former rival in the race, Nikki Haley, secured 94 delegates, according to the Delegate Tracker. Haley’s campaign said she earned 97 delegates during the primary process.

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But Haley announced last week she would be releasing those delegates and encouraged them to vote for Trump at the convention. State party rules dictate whether Haley’s delegates are bound to her or whether they’re free to vote for a different candidate since she withdrew from the presidential contest.

In Iowa, for example, Trump, Haley, Florida Gov. Ron DeSantis and biotech entrepreneur Vivek Ramaswaky secured delegates after the caucuses. But under state party rules, since Trump was the only candidate nominated at the convention, the entire 40-person delegation voted for him.

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