Money Burberry set for sales boost from Brexit-hit pound

15:11  14 april  2017
15:11  14 april  2017 Source:   Press Association

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Burberry is expected to report a lift in fourth-quarter sales on Wednesday as the Brexit - hit pound continues to boost the fashion house despite a slowdown in UK consumer spending.

Burberry is expected to report a lift in fourth-quarter sales on Wednesday as the Brexit - hit pound continues to boost the fashion house despite a slowdown in UK consumer spending.

Burberry stock © PA WIRE Burberry stock

Burberry is expected to report a lift in fourth-quarter sales on Wednesday as the Brexit-hit pound continues to boost the fashion house despite a slowdown in UK consumer spending.

The group is forecast to notch up comparable sales growth of between 3% and 4%, driven by robust demand for luxury products in the UK and China.

Shoppers from the US and Asia have been flocking to Britain to take advantage of the plunging pound by snapping up luxury goods at a knock-down price.

The pound's near 20% fall versus the dollar since the Brexit vote has made British products cheaper for foreign buyers.

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And in another Brexit boost , Burberry forecast that further falls in the pound since September would add as much as £125 million (2 million, 138 million euros) to its annual profits for the year to March 2017. That was greater than its July forecast for a £90-million uplift. Sales however slid in the first half

The pound has been pummelled since Britain’s June 23 EU exit referendum, hitting 31-year lows And in another Brexit boost , Burberry forecast that further falls in the pound since September would add as Meet The 'Women of NASA', Pioneering Women Astronauts Immortalised In New Lego Set .

The three-month update comes alongside half-year results, forecast to show a total revenue rise of 14% to £1.6 billion, according to analysts at Bernstein.

It said total retail revenues looked set to jump by 19% to £1.3 billion over the period.

Bernstien's Mario Ortelli said: "In the second half of 2017, we expect the continuing trends from the last period with good sales in mainland China and UK in part offset by a still weak Hong Kong."

The firm - famous for its trench coats and check scarves - has set its sights on improving beauty sales after inking a deal with make-up and fragrance giant Coty at the beginning of the month.

The licensing agreement will start in October and will see Burberry taking the creative lead and the US beauty giant using its global distribution network.

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And in another Brexit boost , Burberry forecast that further falls in the pound since September would add as much as £125 million (US2 million) to its annual profits for the year to March 2017. That was greater than its July forecast for a £90-million uplift. Sales however slid in the first half at the

And in another Brexit boost , Burberry forecast that further falls in the pound since September would add as much as £125 million (US2 million) to its annual profits for the year to March 2017. That was greater than its July forecast for a £90-million uplift. Sales however slid in the first half at the

Burberry has already launched luxury fragrances Mr Burberry and My Burberry and revamped its make-up range over the past four years.

The firm said in January that its UK performance had contributed to a 3% rise in overall comparable sales across the group in the three months to December 31, with an improvement in some under-pressure markets including Hong Kong and France.

The third-quarter sales rise marked a welcome recovery under a turnaround plan that has included simplifying the product line, revamping its digital store and cutting costs.

Christopher Bailey is stepping down from the role of chief executive to become president and chief creative officer as part of the overhaul.

Marco Gobbetti has initially joined as an executive and will become chief executive in July.

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