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Mulberry to beat expectations

Mulberry said that the last minute Christmas rush at its UK stores will help it to beat market expectations for the full year ended March 31.

Mulberry said at its interim results in September that financial performance for the year was likely to be below market expectations but, since then, during the week ended December 27 and throughout January its UK retail business achieved significantly stronger sales than expected. Like-for-like retail sales over the period were ahead by 30%.

Mulberry said that margins were maintained during the Christmas week as it did not start discounting until Boxing Day and that it had controlled the level of markdown during the January Sale.

Mulberry said that sales had slowed in February during the period of bad weather but that they had picked up again, with like-for-like sales running parallel to performance last year.

Sales of the new Mitzy collection have been particularly strong.

However Mulberry said in its trading statement that the global outlook remained uncertain and that its European and international wholesale stockists were cautious when placing orders for autumn 09. As a result the board has not altered its expectations for 2010.

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