(Adds quotes, currency details)
LONDON, April 19 (Reuters) - British luxury brand Burberry
reported a slight slowdown in its fourth-quarter
comparable sales growth rate, as tough conditions in the United
States weighed on an "exceptional" performance in its home
Known for its classic trench coats, Burberry has benefited
from tourists taking advantage of a drop in the value of the
pound since the Brexit vote in June to buy luxury goods in the
British capital rather than other European cities.
Burberry said the British market remained strong and it
reiterated its full-year profit target, helped by the boost from
the weak pound.
But comparable sales growth rose just 2 percent in the
fourth quarter, below an analyst forecast of 3-4 percent growth,
and below a third-quarter rise of 3 percent.
"In an uncertain environment, we continue to take action to
strengthen the brand and reposition Burberry for growth,"
Christopher Bailey, chief creative and executive officer, said.
"While we have more to do, as we build on our progress so
far, we remain confident about Burberry's prospects in the
Comparable sales in the second half of the year rose 3
percent, with strength in mainland China driving growth in Asia
Pacific and an "exceptional" performance in the UK boosting its
Europe, Middle East, India and Africa division.
Sales in the Americas fell by a "mid single-digit"
percentage, where the market has turned highly promotional,
while important markets including Hong Kong and Korea also
It said it was on track to deliver planned cost savings of
20 million pounds in full-year 2017, which would increase to at
least 100 million pounds a year in full-year 2019.
(Reporting by Kate Holton, editing by James Davey and Jane