By Michael Susin
U.K. luxury brand Mulberry said sales at the end of last year fell, hurt by weaker consumer spending.
The company said Wednesday that revenue for the 13 weeks ended Dec. 30 was down 8.4% compared with the same period a year earlier.
The group maintained its full-price sales approach in the run up to Christmas against an unusually high promotional environment, it said.
Revenue for the 39 weeks ended Dec. 30 rose 0.1%, with gross margins in line with those reported for the first half of the year.
Mulberry said full-year performance will be hurt by extra costs from new stores in Sweden and Australia and investment.
“Our international sales remained positive, supported by our strategy to bring in-house ownership of overseas stores. In the U.K., we continue to believe the lack of VAT-free shopping is impacting the retail landscape,” Chief Executive Thierry Andretta said.
Write to Michael Susin at michael.susin@wsj.com
