English luxury brand Mulberry Group plc (MUL.L) reported that due to weaker than anticipated trading post-Christmas, revenues and pre-tax profit for the year ending March 31, 2013 are expected to be below market view.
Retail sales over the Christmas period were generally in line with view. However, trading across the retail portfolio in 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 projected to be in the region of 6%.
Wholesale sales for the year are currently expected to be down about 15% year-on-year, due to the channel rationalisation highlighted earlier and lower than anticipated in-season ordering. However, the order book for Autumn/Winter 2013 is building satisfactorily.
Mulberry currently sees full-year revenues to be around 165 million pounds. Thereforet, profit before tax for the year is expected to be roughly 26 million pounds.
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