Burberry shares surged 16% in London trading Wednesday after the British luxury brand announced plans to cut around 1,700 worldwide jobs in the next couple of years as it continues its restructuring efforts.

The British company, which is in the midst of a turnaround to fo𓄧cus on its core products like scarves and trenchcoats, said its moves to cut costs "could impact around 1,700 roles globally" by fiscal 2027. Including the new measures, Burberry expects combined anওnual savings of 100 million pounds ($133.1 million) by FY27.

The London-based company also reported preliminary results for the 52 weeks ended March 29 that missed analysts' estimates. It swung to an annual adjusted per-share loss of 14.8 pence ($0.20) from a per-share profit of 73.9 pence, and reported revenue that dropped 17% year-over-year to 2.46 billion pounds ($3.28 billion). Analysts surveyed by Visible Alpha expected an adjusted per-share loss of 10 pence on revenue of 2.47 billion pounds.

Despite today's gains, Burberry shares remain in negative territory so far this year.