LONDON Jan 29 British luxury fashion group
Mulberry warned its annual profit would be substantially
below market forecasts after heavy discounting over Christmas
hurt its UK sales and its wholesale business was hit by order
The Bayswater and Alexa handbags maker said on Wednesday
total retail sales for the 17 weeks to Jan. 25 were 3 percent
below a year ago. It added that significant order cancellations
from Korean customers meant it expected full-year wholesale
sales to be 10 percent down on a year ago.
Analysts had been expecting Mulberry to post a pretax profit
of 26.9 million pounds ($44.61 million)for the full year to the
end of March, according to Reuters data.