Mulberry Group PLC Trading Update (6089A)
March 22 2013 - 3:01AM
UK Regulatory
TIDMMUL
RNS Number : 6089A
Mulberry Group PLC
22 March 2013
Mulberry Group PLC ("Mulberry")
Trading update
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.
Retail sales over the Christmas period were generally in line
with 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%.
Wholesale sales for the year ending 31 March 2013 are now
expected to be down approximately 15% compared to last year, due to
the channel rationalisation previously highlighted and lower than
expected in-season ordering. However, the order book for
Autumn/Winter 2013 is building satisfactorily.
Mulberry currently expects revenues for the year ending 31 March
2013 to be approximately GBP165 million. As a result, profit before
tax for the year ending 31 March 2013 is expected to be
approximately GBP26 million.
Bruno Guillon, Chief Executive Officer, commented:
"After three years of rapid growth, Mulberry has experienced a
year of consolidation whilst we build the foundations for future
growth. We are focused upon optimising the distribution network and
adapting our tactical marketing strategy to drive international
brand awareness. We continue to reinforce Mulberry's luxury
positioning through an enhanced focus on creativity, craftsmanship
and quality."
For further details please contact:
Pelham Bell Pottinger
Dan de Belder / Lucy Miles 0207 861 3232
Altium
Ben Thorne 0207 484 4076
Barclays
Jon Bathard-Smith / Nicola Tennent 0207 623 2323
Mulberry Investor Relations
Amelia Fincher 0207 605 6771
This information is provided by RNS
The company news service from the London Stock Exchange
END
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