Mulberry, the English luxury brand, has issued a profit
warning due to weaker than anticipated trading post-Christmas. Retail sales
over the Christmas period were generally in line with the retailer’s
expectations, however trading across the retail portfolio during the last 10
weeks has been disappointing, including a reduction in tourist spending in the
London stores. Retail like-for-like growth for the year is expected to be in
the region of 6 percent with wholesale sales for the year ending 31 March 2013
now expected to be down around 15 percent compared to last year. Mulberry expects
revenues for the year to be approximately £165 million with profit before tax
expected to be £26 million.
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