Brexit boost for Burberry as luxury fashion brand’s annual profits soar by £125 million

LUXURY fashion brand BURBERRY will get a £125 million annual profit boost from the weak pound, as rich tourists hunt for a bargain.

UK like-for-like sales in the three months to September were up 30 per cent year on year.

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Sales to Chinese shoppers rose more than 20 per cent, helped by lines such as My Burberry Black scent.

It is a timely lift, as revenue over the past six months was down 4 per cent to £1.16 billion.

Finance chief Carol Fairweather said the group was “delighted”.

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But LIBERUM analysts cautioned: “Burberry struggles to drive meaningful growth.”

Its share price fell 7.2 per cent today.

In the aftermath of the Brexit vote, Burberry was one of the FTSE 100’s biggest risers.

Pre-tax profits at online fashion seller ASOS rose 37 per cent to £63.7million in the year to August 31.