July 11, 2018 / 6:18 AM / 4 months ago

Burberry first quarter sales rise 3 pct, in line with forecasts

LONDON, July 11 (Reuters) - British luxury brand Burberry reported a 3 percent rise in underlying sales in its first quarter, showing growth in line with forecasts ahead of the launch of the first collection from its new designer Riccardo Tisci in September.

Tisci, a former Givenchy star, was appointed in March as the successor to Christopher Bailey, who helped turn the British trench coat maker into a global brand.

The 3 percent sales growth for the 13 weeks to June 30 was in line with an analyst forecast, and the company said there was no change to annual guidance at current exchange rates, adding that it was on track to deliver cost savings of 100 million pounds ($132.6 million). ($1 = 0.7539 pounds) (Reporting by Sarah Young, editing by James Davey)

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