Weak Pound Drives Strong UK Sales for Luxury Brand Burberry

LONDON – British luxury fashion label Burberry reported a better-than-expected two percent rise in retail sales in its second quarter after tourists in London took advantage of the weaker pound to buy its luxury goods.

The company said positive trading in Europe and a “significant outperformance in the UK” helped the improvement in comparable retail sales, its first growth in the measure for four quarters.

Burberry has been one of the best performing stocks since Britain voted to leave the European Union on June 23, helped by the weaker pound. Its shares are up 35 percent, outperforming the FTSE 100 index by 24 percent.

Analysts were expecting a one percent rise in second-quarter retail.

Reporting by Paul Sandle; editing by Kate Holton

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