July 13 - Burberry posted first-quarter sales slightly above forecasts as it raised expectations for its wholesale operations, bolstered by the Americas, emerging markets and travel retail.

Burberry Autumn/Winter 2011 collection

The British maker of raincoats and leather goods, identifiable by their camel, red and black check pattern, said Wednesday that revenue rose 34 percent on a comparable basis to 367 million pounds, slightly above expectations of 340 million.

Thanks to higher than planned in-season orders received to date, Burberry said it now expected wholesale revenue excluding China to increase by a high teens percentage at constant exchange rates in the first half, up from its previous forecast of mid-teens growth.

Burberry added it expected a percentage gain for licencing revenue in the current year to March in the mid-single digits.

The 155-year-old group has seen its shares rise sharply over the past 2-1/2 years on the back of its successful turnaround and recurring speculation it could be acquired.

Burberry shares hit a record high last week together with other luxury stocks such as Hermes and LVMH driven by investors' anticipation of strong first-half results on the back of buoyant demand from major markets such as Asia.

Investors have been piling money into luxury stocks, attracted by fast-growing demand from emerging markets and luxury companies' ability to raise prices to pass on higher raw material prices without affecting demand.

(Reporting by Astrid Wendlandt; Editing by Christian Plumb and Jon Loades-Carter)