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Europe

Burberry revenues benefit from weaker pound

Associated Press
Published | Updated
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    FILE- In this Tuesday July 21, 2009 file photo, Ryanair planes are seen at Stansted Airport in England. Ryanair chief executive Michael O’Leary says the 18 percent drop in sterling’s value since Britain voted in June to leave the European Union has hit the euro value of 26 percent of the airline’s sales. As a result, he said Tuesday, Oct. 18, 2016, Ryanair’s fiscal 2017 forecast was being cut by 5 percent to a new range of 1.3 billion euros to 1.35 billion euros ($1.43 billion to $1.49 billion), still 7 percent better than in 2016. (AP Photo/Matt Dunham, File). (The Associated Press)

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    FILE - In this Wednesday, March 26, 2014 file photo, Chief Executive of Ryanair Michael O'Leary speaks during an interview in London. Michael O’Leary says the 18 percent drop in sterling’s value since Britain voted in June to leave the European Union has hit the euro value of 26 percent of the airline’s sales. As a result, he said Tuesday, Oct. 18, 2016, Ryanair’s fiscal 2017 forecast was being cut by 5 percent to a new range of 1.3 billion euros to 1.35 billion euros ($1.43 billion to $1.49 billion), still 7 percent better than in 2016. (AP Photo/Kirsty Wigglesworth, file) (The Associated Press)

LONDON – Luxury goods maker Burberry says first-half revenue rose 5 percent as the company benefited from the decline in the pound following Britain's vote to leave the European Union.

Revenue increased to 1.16 billion pounds ($1.42 billion) in the six months ended Sept. 30, from 1.1 billion pounds in the same period last year.

The pound has lost nearly a fifth of its value since the June 23 referendum, boosting the value of overseas sales when they are converted back into the U.K. currency.

The pound's positive contribution is evident in the fact that Burberry's underlying revenue, which excludes changes in the exchange rate, fell 4 percent.

Burberry says Tuesday that the pound's weakness should add at least 125 million pounds to full-year adjusted profit based on Oct. 12 exchange rates.