LONDON, United Kingdom — Mulberry Group Plc, the U.K. luxury bag maker that's lacking a chief executive officer and creative director, reported a second straight decline in annual profit amid weaker third-party sales at home and in Asia.

Pretax profit for the 12 months through March fell to 14 million pounds ($23.5 million) from 26 million pounds a year earlier, Somerset, England-based Mulberry said today in a statement. The company in April said profit would be about that amount, lowering its estimate for the second time in less than three months. Wholesale revenue slid 6 percent.

Mulberry parted company with CEO Bruno Guillon in March after his plan to raise prices while expanding globally failed to resonate with consumers and led creative director Emma Hill to quit last year. The handbag maker, which lost two-thirds of its value during Guillon’s two-year tenure, aims to revive sales by introducing more affordable products, though the strategy will weigh on earnings, the company has said.

“The outlook for the current financial year remains challenging,” Mulberry said. The product collection for spring/summer 2015 has been “well received” by wholesale customers, though the company still forecasts a “double-digit decline” in revenue from that channel for the year as a whole.

Total sales fell 1 percent to 163.5 million pounds, Mulberry said. In the 10 weeks ended June 7, retail sales slid 9 percent compared with the same period a year ago, while on a like-for-like basis, the decline was 15 percent.

By Andrew Roberts; Editors: Celeste Perri, Paul Jarvis, Robert Valpuesta