January 17, 2018 / 7:24 AM / a year ago

CORRECTED-Burberry Q3 sales slip 2 pct as it starts up-market move

(Corrects to read “when a fall”, paragraph 1)

LONDON, Jan 17 (Reuters) - British luxury brand Burberry reported a 2 percent drop in revenue for the three months to end-December after sales in Europe slipped against a year ago, when a fall in the pound helped it perform well in its home market.

Chief Executive Marco Gobbetti set out a plan in November to take the label further up-market, but it said there would be little, if any, growth in revenue and operating profit until its 2021 financial year as it implements the plan.

The company reported revenue of 719 million pounds ($990 million) for the period on Wednesday. Comparable store sales rose 2 percent, it said.

$1 = 0.7263 pounds Reporting by Paul Sandle; editing by James Davey

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