Burberry: H2 13 results ahead of expectations
BUY, Fair Value 1600p (+9%)
Burberry published FY13 results that were 3% ahead of consensus ests. FY14 sales guidance was confirmed, and management also guided for a slight improvement in the FY14 retail/wholesale margin, as expected (although the base in FY13 excludes the 70bp impact from lower bonus payments). An analysts’ meeting is scheduled at 9.30am GMT.
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