Mulberry Shares Tumble After Profit Estimates Reined Back Again
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Mulberry Group Plc, the U.K. luxury bag maker that recently parted company with its chief executive officer, reined back profit estimates for the second time in less than three months and said a plan to boost sales with more affordable new products will weigh on earnings.
Underlying pretax profit for the year ended March 31 will be “marginally below” analysts’ estimates because of costs linked to last month’s departure of CEO Bruno Guillon and to write down the value of two U.S. stores, the Somerset, England-based company said today in a statement. Mulberry is due to report results for the year on June 12.