×
250
Fashion Jobs
SPORTS DIRECT
Loss Prevention Supervisor - Sports Direct
Permanent · CARRICKMINES
SPORTS DIRECT
Loss Prevention Supervisor - Sports Direct
Permanent · LIMERICK
SPORTS DIRECT
Loss Prevention Supervisor - Sports Direct
Permanent · DUBLIN
PHV
Country vm Manager, Ireland
Permanent · Dublin
H&M
Visual Expert Manager - Deco & Curation - College Green
Permanent ·
CANADA GOOSE
Security Ambassador
Permanent · DUBLIN
BESTSELLER
Jack & Jones Sales Representative
Permanent · Dublin 12
BESTSELLER
Vero Moda Sales Representative
Permanent · Dublin 12
BESTSELLER
Junior Head Office Sales Representative
Permanent · Dublin 12
SPORTS DIRECT
Loss Prevention Supervisor - Sports Direct
Permanent · DUBLIN
SPORTS DIRECT
Loss Prevention Supervisor - Sports Direct
Permanent · NEWBRIDGE
PRIMARK
External Reporting And Compliance Accountant
Permanent · Dublin
PRIMARK
Business Analyst
Permanent · Dublin
PRIMARK
Senior Finance Transformation Manager- Payroll
Permanent · Dublin
PRIMARK
Team Manager Dublin Area
Permanent · Dublin
L'OREAL GROUP
Retail Brand Manager - Vichy - Acd
Permanent · Dublin
PRIMARK
Business Analyst - Data & Analytics
Permanent · Dublin
ESTÉE LAUDER
Clinique - Consultant - Brown Thomas - 37.5 Hours
Permanent · Cork
PRIMARK
Cyber Security Operations Engineer
Permanent · Dublin
PRIMARK
Cyber Security Operations Analyst
Permanent · Dublin
PRIMARK
Administrator – Buying, Merchandising And Design
Permanent · Dublin
PRIMARK
Senior Finance Transformation Manager - Source to Pay
Permanent · Dublin
By
Reuters
Published
Jan 29, 2014
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Mulberry warns on profit as Christmas discounts hurt UK

By
Reuters
Published
Jan 29, 2014

LONDON, England - British luxury fashion group Mulberry warned its annual profit would be substantially below market forecasts after heavy Christmas discounting in Britain and weak demand in Korea hit sales.

The Bayswater and Alexa handbags maker said on Wednesday total retail sales for the 17 weeks to Jan. 25 were down 3 percent on a year ago, which included a 7 percent decline for the crucial 8 weeks to Jan. 25 Christmas period.

Mulberry SS14 | Source: Mulberry

"Due to tough trading conditions over the Christmas period which saw significant discounting across the market, Mulberry has experienced lower than expected UK retail sales which, together with wholesale order cancellations from Korea, will adversely impact our profit this year," Mulberry Chief Executive Bruno Guillon said in a statement.

The warning will come as a blow to Guillon, who has embarked on a drive to increase the company's profile overseas, targeting affluent Asian shoppers with new stores in key tourist spots and hiking prices to take its brand more upmarket from a traditional position of "affordable luxury".

Mulberry, which made around 65 percent of its revenue in the UK in 2013, joins British retailers Debenhams and Mothercare in warning on profits due to the impact of fierce discounting in the sector across the Christmas period.

Adding to a tough UK, Mulberry said that significant order cancellations from Korean customers meant it expected full-year wholesale sales to be 10 percent down on a year ago.

That fall would wipe out retail sales growth over the year, the firm said, and when combined with the costs associated with its recent store opening programme, would mean full-year profits coming in "substantially below" forecasts.

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.

© Thomson Reuters 2023 All rights reserved.