UPDATE 3-Burberry says taking share in a tough market

* Q1 revenues down underlying 4 pct, as expected

* Retail sales up underlying 12 pct, wholesale down 28 pct

* Retail sales up in Europe and Asia, down in U.S. and Spain

* Says taking market share, particularly in United States

* Shares down 1.8 percent after recent strong gains

(Adds CFO, analyst comments, shares, detail, background)

By Mark Potter

LONDON, July 15 (Reuters) - British luxury goods group Burberry (BRBY.L) met forecasts with a 4 percent fall in first-quarter underlying revenues and said on Wednesday it was taking market share in a tough trading environment.

The 153-year-old maker of raincoats and handbags said sales were strong in Britain and South Korea, helped by weaker currencies, but remained down in the United States and Spain.