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.

Burberry’s new chief executive said he was “acting with urgency” to stabilise the British luxury brand as it reported a half-year loss on falling revenue. The company, which has had a challenging time over the past year amid a downturn in luxury spending and a botched strategy to move upmarket,

U.K. stocks eked out modest gains Thursday on the back of upbeat earnings news. The benchmark FTSE 100 was up 12 points, or 0.2

The luxury group said it is taking steps to cut costs and reduce inventory as part of a new plan to revitalize the brand.