Trading Update

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 £165 million.  As a result, profit before tax for the year ending 31 March 2013 is expected to be approximately £26 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                                   

 

END

 

 

TSTNKDDBKBKBANB