Mulberry hit as wealthy feel the pinch

Like-for-like sales sank 12% in the 10 weeks to 6 December, reversing a trend of soaring sales.

The group bagged pre-tax profits of £1.33 million for the six months to 30 September, up 6% on last year, despite increased spending on marketing. But chairman and chief executive Godfrey Davis said today trading deteriorated rapidly in mid-September.

Davis remains cautious about the outlook for the rest of the key pre-Christmas period, but says there are signs of a recovery in trade.