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Mulberry profits dip

Mulberry saw pre-tax profit fall by 16% to £5.2 million for the year to March 31 because of increased marketing spend.

Mulberry's sales rose 14% to £51.2m over the period - the fifth successive year of sales growth.

Mulberry's UK retail sales were ahead 29%, equating to like-for-like sales growth 10%.

Marketing expenditure increased by £2.1m to £4.8m, which affected profitability, but Mulberry said that profits were still ahead of market expectations.

Mulberry chairman and chief executive Godfrey Davies said: "We have achieved another year of strong sales growth, delivering an increase of 14% for the year. These results reflect the continued investment in the brand. With our substantial cash resources, we are well placed to continue to build Mulberry as a global brand. The new financial year has started strongly."

Mulberry said that confirmed wholesale orders for autumn 08 were 30% ahead of last year. Retail sales in the UK are up 17% like-for-like in the first 10 weeks of the new financial year. However the company said it remained cautious in light of the economic conditions and rising inflation in the supply chain, which it said would put pressure on its margins.

Mulberry will launch a footwear range in its stores this autumn.

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