Mulberry warns on profit following house of Fraser to roll

  • Mulberry warns on profit following house of Fraser to roll
    Independent.t. E.
    Mulberry has warned that profits could take 3 million pounds (€3.3 m) hit after the collapse of the house of Fraser.
    https://www.independent.ie/business/world/mulberry-warns-on-profits-following-house-of-fraser-collapse-37232018.html
    https://www.independent.ie/business/article36385191.ece/bb66d/AUTOCROP/h342/B2.mulberry.JPG

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Mulberry has warned that profits could take 3 million pounds (€3.3 m) hit after the collapse of the house of Fraser.

Luxury handbags manufacturer stated that the group’s profit for the year “will be significantly reduced” as a result of weakening sales in the UK, especially in the house of Fraser, where he works 21 concessions.

  • Read more: house of Fraser will refund customers hit on the decision to cancel online sales

“Since the group announced in June 2018, the UK market remains challenging and sales in the Fraser were particularly affected.

“If these sales trends in the UK remains a key trading period of the second half of the financial year, the group’s profit for the full year will be significantly reduced,” said mulberry.

House of Fraser collapsed into administration a week and a half ago, before being bought by sports Direct Mike Ashley.

However, it is unclear how many stores Mr Ashley will keep or what terms it will offer concession partners.

Mulberry said that after reviewing the potential costs that may arise as a result of the restructuring of Mr. Ashley, the team 3 million pounds of exceptional costs in the first half.

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