Mulberry in vogue as profit view raised again
Mulberry, best known for its leather handbags priced around 500-900 pounds ($802-$1,444), said sales and profit for the year ending March 31 were expected to exceed market expectations due to strong UK and export sales during January and February which had continued into March.
"Margins for the year to date have continued to be strong as increased sales have led to improved operational gearing. Order intake for the autumn 2011 collection is encouraging," added the firm. House broker Altium Securities raised its 2010-11 pretax profit forecast by 16 percent to 21.5 million pounds, and its forecast for the following year by 10 percent to 27.5 million pounds.
"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," said Altium analyst Philip Dorgan.
Mulberry shares, which have risen more than fivefold over the last year, were up 9.4 percent at 1,333 pence at 0923 GMT, valuing the company at about 785 million pounds.
(Reporting by James Davey, editing by Julie Crust)
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