StockMarketWire.com - UK fashion brand Burberry maintained its full-year guidance after reporting a 4% uptick in comparable store sales led by new product launches during the first quarter and growth in China.

Comparable store sales were up 4% globally in the 13 weeks to ended 29 June, with retail revenue up 4% to £498m from a year earlier.

The retailer increased the proportion of new product increased to around 50% of its offering in mainline stores by the end of the quarter, helping men's and women's apparel grow by a double-digit percentage, the company said.

The first-quarter performance was also bolstered by high single-digit percentage growth in Asia Pacific driven by Mainland China, which was up mid-teens.

EMEIA grew by a low-single digit percentage supported by tourist spend, which particularly benefited the UK performance.

But Americas was flat, with the US growing by a low-single digit percentage and Canada impacted negatively by a later markdown period. Burberry maintained its 2020 guidance of broadly stable top line and operating margin at constant currency.

'In terms of comparable store sales growth, mainline is expected to accelerate as the new product builds through the year,' Burberry said.

'However, we anticipate this will be partially offset in the second half of the year by reduced markdown inventory compared to the prior year.'

'As previously announced, we anticipate a more pronounced weighting of operating profit in H2 relative to H1 in FY 2020 than in the prior year,' it added. Story provided by StockMarketWire.com