Mulberry Tree Leaf Image
A shoe is displayed in the window of fashion retailer Mulberry’s store on New Bond Street in London September 27, 2009. REUTERS/Luke MacGregorMulberry shares lost a quarter of their value after it said on Tuesday full year profit would be below the 36 million pounds ($58 million) made in 2011 12, compared with a forecast for about 43 million.Mulberry, which sells Bayswater hand bags for 1,400 pounds, said it had seen lower than expected wholesale revenue and disappointing international retail sales.Wholesale shipments fell 4 percent to 30.0 million pounds in the six months to September 30, reflecting weaker demand in Asia and a decision to limit the amount of stock going into lower quality wholesale accounts overseas with the aim of growing the Mulberry brand value in the longer term.Retail revenue rose 13 percent to 46.5 million pounds and was up 7 percent on a like for like basis.Mulberry said while British retail sales were up 10 percent, with full price sales performing in line with expectations, its decision to sell fewer discounted goods had seen so called off price sales fall.International retail sales rose 41 percent, below hopes.steps we have taken to improve the quality of Mulberry distribution network in both the retail and wholesale channels will result in the short term slowing of sales growth, said chief executive Bruno Guillon who joined Mulberry in March.Panmure Gordon analyst Philip Dorgan said: we are wrong about the scale of its international opportunity or this is just a blip. While we are not entirely satisfied about all of the reasons given for the profit warning, we tend towards the latter view.Dorgan cut his 2012/13 pretax profit forecast to 31 million pounds from 42 million and his forecast for 2013/14 to 37 million from 52 million.Mulberry shares were down 300 pence at 1,020 pence at 0945 GMT.
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Leave it to CNN to waste bandwidth on these brainless dirtbags who just happen to occupy the same state where the storm hit. Nobody wants to read their BS. Nobody wants to watch their show. In Asia, entrenched enemies China and Taiwan, North and South Korea have agreed to sit down at the table. Assistant Secretary of State for East Asian and Pacific Affairs, who is widely credited with being the key architect of America’s “Pivot to Asia.”China and Taiwan are holding their first ever official face to face talks since Mao Zedong’s communists won their civil war in 1949 a “quite significant” turn of events, Campbell said.”Over the course of the last 30 years, people thought that the most tense situation in Asia was between China and Taiwan, but in recent years the relationship has improved substantially commercially, economically, and now politically.”A groundbreaking new documentary is using smuggled footage to paint a new and dramatic picture of the Hermit Kingdom, North Korea.Much of the world sees North Koreans as brainwashed and subservient, bowing down to Supreme Leader Kim Jong Un.The Frontline documentary “Secret State of North Korea” from the American public broadcaster PBS shows that for many people in North Korea, just the opposite is true.One of the most dramatic pieces of footage was of a woman, who has set up a private bus service using a pickup truck.”This soldier comes and tells her to stop running this private bus service, which is illegal,” Jones said. “And rather than, as you would expect, saying, ‘I’m so sorry,’ and apologizing, she stands up for it I mean, literally chases him off down the street, smacking him on the back, calling him every name under the sun.”The world most unlikely lone ranger diplomat, Dennis Rodman, has gone to North Korea for his third visit..