Mulberry issues second profits warning in six months, sending its shares crashing
“Mulberry Group plc, the English luxury brand, announces today that due to weaker than anticipated trading post-Christmas, revenues and profit before tax for the year ending 31 March 2013 are expected to be below market expectations,” it said in a statement. In reaction, the group’s share price plunged 15.89 percent to 1,038.8 pence on the London stock market.
“Retail sales over the Christmas period were generally in line with expectations,” Mulberry added. “However trading across the retail portfolio during the last 10 weeks has been disappointing, including a reduction in tourist spending in the London stores.
The top-end retailer had already warned in October that Asia’s economic slowdown, lower sales and higher costs would send annual profits lower.