LONDON – Burberry posted an operating loss of 3 million pounds and a 17 percent drop in revenue in a challenging year of macroeconomic headwinds, a slowdown in luxury demand and major management changes.

The year that ended in March will be remembered as an inflection point for Burberry, which brought in Josh Schulman to replace Jonathan Akeroyd as chief executive officer and transform the company’s fortunes at one of the most difficult times for luxury fashion in the past two decades.

Schulman initiated a turnaround, and was able to stem retail sales declines in the second half.

Burberry said Wednesday that retail sales for the year were down 12 percent. They fell 20 percent in the first half and 5 percent in the second half due to a pipeline of new ad campaigns and a more targeted strategy focusing on Burberry classics such as the trench and the check scarf.

On Wednesday, Burberry also announced a wider cost savings plan aimed at unlocking a total of 100 million pounds by fiscal 2027. The company had already unveiled a plan to save 40 million pounds in the same time period.

Burberry said some 1,700 global jobs could be eliminated as part of the measures.

In the 12 months to March 31, Burberry said revenue fell 17 percent to 2.46 billion pounds at reported rates, down 15 percent at constant exchange. Sales at the Burberry stores were down 12 percent versus a 1 percent drop in the previous year.

The operating loss of 3 million pounds compared with a profit of 418 million pounds in the previous year. Adjusted operating profit was 26 million pounds, compared with 418 million pounds.

Schulman said that customers have been responding well to the ad campaigns and to the new focus on timeless British luxury. He added that sales of outerwear and scarves were resilient, and the turnaround was still in its early stages. The CEO said he was “more optimistic than ever” that Burberry’s better days are ahead.