Mulberry stocks down on profits news

Mulberry's share price has fallen again today (June 13th) on the back of the company revealing a drop in its profits.

The retailer announced that it made profits of £26 million for the year to March 2013, which is a reduction of 28 per cent on last year's figures.

A slowdown in consumer spending in both the UK and Europe as a whole was singled out by the company as one of the reasons for the drop in its profits.

The share price of the firm took a hit today in the wake of the announcement, with stocks trading 0.9 per cent lower at 16:17 BST today.

This is just a few days after the share price of the company fell by eight per cent when the Mulberry creative director Emma Hill revealed she is resigning from her position.

"Greater visibility in Asia will allow us to benefit from tourist traffic in Europe and the US at the same time as growing our business locally," said chief executive Bruno Guillon.

Mulberry's share price is now hovering at 940.00, not far above the 52-week low of 880.00.

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