July 16, 2019, 2:56 a.m. EDT

Burberry's retail revenue rises 4%

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By Adriano Marchese

Burberry Group PLC (BRBY.LN) said Tuesday that reported retail revenue rose 4% in the first quarter of fiscal 2020, benefiting from good growth from its new collection.

In the first quarter ended June 29, the British fashion brand said reported retail revenue was 498 million pounds ($624.5 million), compared with GBP479 million in the first quarter of the previous year. On a constant exchange rate basis, revenue rose 2%.

The company said this year's collection delivered strong double-digit percentage growth compared with the prior-year equivalent collection, in line with its expectations.

The company maintained its guidance of a broadly stable top line and operating margin at constant exchange rates for fiscal 2020. It said that it continues to expect cumulative savings of GBP120 million.

Burberry also said that it expects sales growth to be partially offset in the second half of the year by reduced markdown inventory compared to the prior year.

It also reiterated that it expects this year's operating profit to be weighted more toward the second half of the year.

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