Are these FTSE 100 stocks the biggest deals on the London Stock Exchange?

The last six months have been wonderful FTSE 100. The UK's flagship index has been busy rising this year as economic conditions improve. And after years of poor returns, British investors are in favor of smaller payouts.

Sadly, not all voters have been so lucky. Despite the overall positive momentum, some firms were left behind, declining significantly. But can these downward trends create amazing buying opportunities?

Let's take a look at the five biggest standouts in 2024 so far and determine if any bargains have emerged.

Checks the FTSE 100 losers

Here are the biggest losers of the year so far.

1. The Burberry Group (LSE:BRBY) – down 48.9%.
2. Have fun – decreased by 44.4%.
3. The Ocado Group – down 29%.
4. Reckitt Benckiser Group – down 27%.
5. The Spirax group – down 24.2%.

Soon, it becomes clear that the losses were not isolated to one industry. This list of worst performers includes the fashion, entertainment, retail and engineering sectors. And dozens of other businesses from these industries have done much better. The most obvious example in engineering would be Rolls-Royce, with shares up more than 50% in the past six months.

The catalyst behind each business's eventual downfall is different. So let's get closer to the biggest loser of all – Burberry – to find out what went wrong and now is the best time to buy.

What happened at Burberry?

Being a luxury fashion brand in 2024 is not easy. The high cost of living has proven to be a significant headwind for high-end retailers as families focus more on saving rather than spending. However, the company's new creative approach doesn't seem to be catching on with customers. And the combined effect of these factors is clear when you look at Burberry's financial performance.

Sales fell by double digits, and operating profit is on track to miss full-year analyst expectations. So it's no wonder it's a stock tank. But even better, managers don't see what's going on. And the company appears to be rethinking its new direction to refocus its designs on what core customers are familiar with.

To oversee this U-turn, the board decided to change the leadership. And after less than three years in the role, Jonathan Akeroyd has been ousted as CEO, replaced by Joshua Schulman, former CEO of luxury accessories brand Coach. And his performance while running that business was impressive, increasing the sales of the bags significantly.

Time to shop?

If Schulman can replicate his previous success at Burberry, acquiring shares at their current price could be a lucrative decision. After all, they're now trading at just 9.3 times their earnings. However, at this stage, that's a big “if”.

There's no guarantee that Schulman will succeed, and crafting a turnaround strategy could take time. Personally, I think it's best to keep Burberry on my watch list until there are signs of improvement.

As for other FTSE 100 stocks that have been beaten down, investors need to take the time to investigate what is pulling the stocks down to determine whether they are bargains or pitfalls. Even though now may not be the best time to buy, it may present interesting opportunities further down the line.