Fashion firm Burberry has basked in soaring summertime sales in the UK as tourists flocked to London to capitalise on the plunge in sterling after June’s Brexit vote.
The retailer, famous for its camel, black and red check apparel, said yesterday that same-floorspace revenues leapt more than 30 per cent in the three months to end‑September as foreign tourists snapped up luxury goods at markedly lower prices.
Burberry said that Chinese and American tourists were particularly in evidence in the three-month buying flurry. It helped the retailer return to overall sales growth in its second quarter, up 2 per cent against a 3 per cent fall in the previous quarter.
The company also upgraded its profits guidance, saying that the recent weakness in sterling was now expected to add about an extra £125 million to full-year profits. That was up from an earlier estimate of £90m additional profit last July.