Burberry’s sales soar as plunging pound helps foreign tourists buy luxury goods

Burberry is seeing its UK sales soar
Burberry is seeing its UK sales soar
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Fashion firm Burberry has seen its UK sales rocket as tourists flock to London to take advantage of the Brexit-hit pound.

The group said UK like-for-like sales increased more than 30 per cent in the three months to September 30 after the plunging pound has seen overseas shoppers rush to London to snap up luxury goods at a better price.

Shoppers from China and the United States in particular have been travelling to the UK to hit the shops, according to the group.

It came as a welcome boost to Burberry and helped the group return to overall sales growth in its second quarter, up 2 per cent against a 3 per cent fall in the previous three months.

It said recent further falls in the pound were also now expected to add around an extra £125 million to full-year profits, up from July’s estimate of £90 million.

File photo  of an Aldi store, as the supermarket saw sales jump to record heights despite profits slipping by nearly a fifth as the supermarket drove investment into cutting prices and expanding its reach. PRESS ASSOCIATION Photo. Issue date: Monday September 25, 2017. The German discount grocer said annual sales in the UK and Ireland rose 13.5% to �8.7 billion in 2016, with the firm enticing more than one million new customers into its stores over the period.  Photo: Anthony Devlin/PA Wire

Aldi sees sales jump to record heights