LONDON— Profits at Mulberry Group dropped 26 percent to 18.7 million pounds, or $29.5 million, in the year ended March 31, on the back of broadly flat sales and costs related to new store openings and a contraction in gross margin.
As reported, sales in the period dipped 2 percent to 165.1 million pounds, or $260.9 million, with retail revenue up 8 percent and wholesale revenue down 16 percent, as the company pursues a strategy of opening directly-operated stores and culling certain wholesale accounts.
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