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Mulberry to beat profit expectations

Luxury brand and retailer Mulberry has said sales and profit for the year to March 31 will exceed market expectations.

The luxury fashion brand did not issue new figures but said profits would exceed expectations due to strong UK and export sales during January and February.

Philip Dorgan, analyst at house broker Altium Capital, said it had increased its full year 2011 pretax profit forecast by 16%, from £18.5m to £21.5m.

Dorgan added: “Mulberry’s brand has become both relevant and desirable to the global consumer. But it barely has a toe in some of the world’s largest luxury goods markets. As this changes, we expect sales momentum to continue and this will have a leveraging effect upon operating margins, which we expect to climb to over 20%.”

In January Mulberry reported that like-for-likes at its full price stores rocketed 70% in the six weeks to January 15. At its off price stores, the like-for-like advance was 34%.

Last month Mulberry called for tax breaks to support manufacturing in the UK.

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