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Burberry's trading update took the market by surprise with a 22 per cent rise in first-quarter sales to £211m. Revenue from wholesale increased by 43 per cent, thanks to an improved supply chain which boosted early shipment of the autumn collection to emerging markets. Retail sales grew by 14 per cent.
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This trading update is reassuring, but retail revenue has been partly boosted by discounting, leaving a question mark over profit margins. Fairly priced at 400p.
Last IC view: Good Value, 400p, 28 May 2008
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
