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UPDATE 1-Burberry reports better-than-expected Q1 sales

(Adds details, like-for-like growth)

LONDON, July 12 (Reuters) - Luxury brand Burberry reported a better-than-expected increase in like-for-like sales in its first quarterly report under new CEO Marco Gobbetti, helped by stronger demand in China and a continuing good performance in its home British market.

Like-for-like sales increased by 4 percent, double the rate of growth expected by analysts, led by its newest ranges and leather goods. It reported 3 percent underlying revenue growth.

Gobbetti took over from Christopher Bailey as chief executive this month, charged with strengthening the brand while improving efficiency and boosting the performance of its stores, where its space delivers lower sales than rivals.

He said on Wednesday he was pleased with the group's performance in the first quarter, while he was mindful of the work still to do.

The company reported retail revenue of 478 million pounds ($612.7 million) for the three months to end-June.

It said its guidance for full-year adjusted pretax profit was unchanged, although the exchange rates were predicted to have a 25 million pound adverse impact, an improvement on its previous forecast of a 30 million pound hit.

Market consensus for pretax profit was 456 million pounds before Wednesday's update.

($1 = 0.7802 pounds) (Reporting by Paul Sandle; editing by Costas Pitas and Kate Holton)