Burberry: Buy reiterated after Q4 sales

BUY, Fair Value  1600p (+24%)

News published on April Thursday 18, 2013
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Following yesterday’s Q4 13 sales publication, we trim our FY14-15 earnings estimates by 2% on the back of lower space growth contribution, and lower underlying wholesale sales. We maintain our Buy recommendation based on Burberry’s strong brand momentum and margin expansion potential.

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