Burberry maintains year guidance as first quarter sales rise

Wednesday 10 July 2013 08.01
Burberry posts 18% rise in first quarter underlying retail revenue
Burberry posts 18% rise in first quarter underlying retail revenue

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.