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Burberry Q1 Comparable Sales Up 4%; Maintains FY20 Guidance

Burberry Group plc (BRBY.L) reported Tuesday that its first-quarter comparable sales increased 4 percent, compared to a 3 percent growth last year.

Quarterly retail revenue grew 4 percent to 498 million pounds from the prior year. At constant exchange rates, retail revenues increased 2 percent.

The company maintained its fiscal year 2020 guidance for broadly stable revenue and adjusted operating margin at CER including cumulative cost savings of 120 million pounds.

In terms of comparable store sales growth, mainline is expected to accelerate as the new product builds through the year. However, the company anticipates this will be partially offset in the second half of the year by reduced markdown inventory compared to the prior year.

As previously announced, the company anticipates more pronounced weighting of adjusted operating profit in the second-half relative to the first-half of year than in the prior year, largely due to a strong the first-half comparator in the prior year.

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