Burberry revenues benefit from weaker pound
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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.
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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.