Burberry maintains year guidance as first quarter sales riseWednesday 10 July 2013 08.01
British luxury brand Burberry maintained its full-year guidance as it posted an 18% rise in first quarter underlying retail revenue.
Revenues were driven by robust demand for its spring/summer fashion range.
The 157-year-old seller of raincoats and leather goods, known for its camel, red and black check pattern, said it made £339m sterling of retail revenue in the three months to June 30.
That compared with analysts' average forecast of £316m, according to a company poll, and £280m the same time last year.
Comparable store sales growth was 13%, ahead of a fourth quarter increase of 8%.
Burberry's plan is to modestly increase its normalised retail/wholesale margin in the full year and it still expects first half pretax profit to be below the previous year.