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Burberry posts strong Q1 performance

Burberry saw first quarter sales rise by 22% on an underlying basis to £211 million, with retail, wholesale and licensing revenues all showing increases.

Burberry's retail sales for the three months to June 30 grew by 14% to £115m, with non-apparel contributing most to retail growth. Product performance highlights included lightweight outerwear, footwear and belts.

Burberry increased its selling space by 12% in the first quarter, with a 12% to 13% increase expected for the year as a whole. Burberry opened stores in Cannes and Budapest and 14 concessions in Italy, Korea and Spain, during the three month period.

Burberry's wholesale revenue rose by 43% to £80m and the British luxury brand expects sales to increase by more than 10% year on year for the six months to September 30.

Sales to emerging markets doubled in the first quarter and were up by more than 20% in North America.

Licensing sales rose by 3%.

Burberry chief executive Angela Ahrendts said: "I am pleased with Burberry's start to the year in an increasingly challenging external environment. Our brand momentum is strong, driven by product innovation and a focused management team. This momentum, together with the diversity and balance we have across products, channels and regions, underpins our confidence for the future."

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