January 29, 2014 / 7:16 AM / 5 years ago

Mulberry warns on profit as Christmas discounts hurt UK sales

LONDON, Jan 29 (Reuters) - 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 cancellations.

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.

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