Mulberry hit as wealthy feel the pinch
11 April 2012
Sales have dived at luxury leather goods group Mulberry in recent weeks as recession fears stop even the richest consumers from splashing their cash.
Like-for-like sales sank 12% in the 10 weeks to 6 December, reversing a trend of soaring sales.
The group bagged pre-tax profits of £1.33 million for the six months to 30 September, up 6% on last year, despite increased spending on marketing. But chairman and chief executive Godfrey Davis said today trading deteriorated rapidly in mid-September.
Davis remains cautious about the outlook for the rest of the key pre-Christmas period, but says there are signs of a recovery in trade.
