UPDATE 1-Burberry Q1 underlying revenues fall, trading tough

* Q1 revenues 229 mln stg, vs forecast 218-239 mln

* Trading conditions remain challenging

(Adds detail, background)

LONDON, July 15 (Reuters) - British luxury goods group Burberry (BRBY.L) met forecasts with a 4 percent fall in underlying first-quarter revenue and said on Wednesday trading conditions remained challenging.

The 153-year-old maker of raincoats and handbags said it had 229 million pounds ($373 million) of revenue in the three months to June 30, up 8 percent on the year. At constant exchange rates, revenues were down 4 percent.

Forecasts ranged from 218-239 million pounds in a Reuters poll of seven analysts.

"Burberry has made a solid start to the year in what remains a challenging environment," chief executive Angela Ahrendts said in a statement. (Reporting by Mark Potter; Editing by Dan Lalor) ($1 = 0.6147 pound)