A shoe is displayed in the window of fashion retailer Mulberry’s store on New Bond Street in London September 27, 2009. REUTERS/Luke MacGregorMulberry shares lost a quarter of their value after it said on Tuesday full year profit would be below the 36 million pounds ($58 million) made in 2011 12, compared with a forecast for about 43 million.Mulberry, which sells Bayswater hand bags for 1,400 pounds, said it had seen lower than expected wholesale revenue and disappointing international retail sales.Wholesale shipments fell 4 percent to 30.0 million pounds in the six months to September 30, reflecting weaker demand in Asia and a decision to limit the amount of stock going into lower quality wholesale accounts overseas with the aim of growing the Mulberry brand value in the longer term.Retail revenue rose 13 percent to 46.5 million pounds and was up 7 percent on a like for like basis.Mulberry said while British retail sales were up 10 percent, with full price sales performing in line with expectations, its decision to sell fewer discounted goods had seen so called off price sales fall.International retail sales rose 41 percent, below hopes.steps we have taken to improve the quality of Mulberry distribution network in both the retail and wholesale channels will result in the short term slowing of sales growth, said chief executive Bruno Guillon who joined Mulberry in March.Panmure Gordon analyst Philip Dorgan said: we are wrong about the scale of its international opportunity or this is just a blip. While we are not entirely satisfied about all of the reasons given for the profit warning, we tend towards the latter view.Dorgan cut his 2012/13 pretax profit forecast to 31 million pounds from 42 million and his forecast for 2013/14 to 37 million from 52 million.Mulberry shares were down 300 pence at 1,020 pence at 0945 GMT.
Deadline to get petitions in to get on the ballot for the May mayoral election. The jailed Forchion, who has run for elected office in the past and is still fighting pot and witness tampering cases, only got 46 of the 390 needed petition signatures, girlfriend and campaign manager Debi Madaio said. To drop of the ones she had.
When this happens, the kids call them kissing carrots. They think every wedding couple should be presented with a pair. I love that. In perhaps a new direction for Bleecker Street, the French luxury silver and tabletop brand Chrostofle is opening a small but undoubtedly elegant shop at no. 396 (pictured above), a new space reconfigured to create a retail shop in what was formerly a ground floor apartment. We aren exactly sure when the store official opening is, but it appears that the company has already held a few preview events, and a peek through the sides of the window reveals that the store is fully stocked with the tabletop silver and holloware that Christofle is known for..