Mulberry to Miss Estimates After ‘Disappointing’ Sales

Mulberry Spring/Summer 2013 Campaign | Source: Mulberry

LONDON, United Kingdom — Mulberry Group Plc, a British luxury-handbag maker, said full-year sales and profit will miss estimates because of weak business in the last 10 weeks.

Pretax profit for the year ending March 31 will be about 26 million pounds ($39.5 million), the company said today in a statement. That compares with the 30.7 million-pound average estimate of three analysts compiled by Bloomberg. Revenue will be about 165 million pounds, Mulberry said, compared with the 176 million-pound average estimate.

“Trading across the retail portfolio during the last 10 weeks has been disappointing, including a reduction in tourist spending in the London stores,” Mulberry said.