Burberry in profits boost after revamp

LUXURY fashion firm Burberry has said its overhaul is starting to bear fruit as it posted higher annual profits despite falling UK sales as the pound’s bounce-back dented tourist demand.

The group reported a 5% rise in bottom-line pre-tax profits to £413m for the year to March 31.

Group comparable store sales rose 3%, although it revealed that growth halved in the second half of its financial year, from 4% to 2%.

Trading was dragged lower by falling UK sales in the final six months as the group failed to match the previous year’s performance, when sales surged thanks to a spending spree by overseas shoppers taking advantage of the weak pound.