Over the past few months, British fashion label Burberry benefited from the Brexit and its consequences. The weaker pound resulted in more tourist expenses in the United Kingdom.
Strong increase in United Kingdom
The additional local sales over the first six months actually helped reverse the Asian trend: compared to a year ago, Asian turnover dropped. In the first 6 months of this year, Burberry's turnover reached 1.16 billion pounds (1.3 billion euro), up 5 % compared to the year before. The numbers are also perfectly aligned with what analysts had expected. The second quarter like-for-like turnover also grew 2 %.
Burberry says its good performance is thanks to improved sales in the United Kingdom: the weak pound, hammered after the Brexit, has made Burberry products all the more enticing to tourists. As a result, the like-for-like turnover in the United Kingdom shot up 30 %.