Drops in Burberry and Vodafone push Britain' FTSE lower

* FTSE falls after rising for last 5 days in a row

* Burberry retreats after Q1 slowdown

* Vodafone affected by Goldman Sachs (NYSE: GS-PB - news) downgrade

* Entertainment One (Other OTC: ENTMF - news) slides after stakeholder sale

By Sudip Kar-Gupta

LONDON, July 15 (Reuters) - Britain's top equity index fell on Wednesday as a drop in the shares of luxury goods maker Burberry and telecoms group Vodafone pushed the stock market lower.

The blue-chip FTSE0 100 index, which had risen for the last five days, was down 0.3 percent at 6,737.26 points in early session trading.

Burberry was among the worst performers, falling 3.4 percent after the company reported a slowdown in underlying first quarter retail revenue growth.

"We like Burberry for its good return on capital and strong like-for-like growth relative to peers but believe the near term will be challenging due to currency volatility and weakness in the important luxury markets of Hong Kong and China," said Sohil Chotai at Edison Investment Research.

Vodafone also declined 0.9 percent after Goldman Sachs downgraded the stock to "neutral" from "buy".

However, miner Anglo American (LSE: AAL.L - news) outperformed to rise 0.7 percent after Credit Suisse (NYSE: CS - news) upgraded it to "outperform" from "neutral".

Among smaller mid-cap stocks, TV distributor Entertainment One fell around 10 percent after a top shareholder sold a stake.

The FTSE 100 has risen around 5 percent over the last week in anticipation that Greece would reach a new deal with its creditors.

However, concerns remain over Greece, with the International Monetary Fund warning in a report, first revealed by Reuters, that Greece needs far more debt relief than European governments have been willing to contemplate so far.

The FTSE is up around 3 percent since the start of 2015 but down some 5 percent from a record high of 7,122.74 points reached in April.

"In the near-term, the move is likely to the downside. That's the path of least resistance," said Admiral Markets' Darren Sinden. (Reporting by Sudip Kar-Gupta; Editing by Robin Pomeroy)