mulberry henry laptop bag Mulberry shares drop
Despite fashion’s love affair with Alexa Chung, pictured left, and Lana Del Rey celebrity inspired handbags, Mulberry lost some key investor fans yesterday as shares fell 22 per cent after its current trading disappointed the City.
The company revealed a strong, full year profit up 54 per cent to 36m and sales up 38 per cent to 168.5m for the year. However, poor April sales and a massive 24 per cent fall in outlet sales led the market to sell out, with shares closing down at 1,560p.
Matthew McEachran, retail analyst at Singer Capital Markets, said: “They are a good set of results, but trading has been disappointing and there is low transparency on gross margins. But the business has super, long term prospects.”
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