Weak British market drags down Mulberry's retail sales

LONDON (Reuters) - British leather handbag maker Mulberry said retail like-for-like sales fell 7 percent in the 10 weeks to June 2 as growth in international markets failed to offset weak demand at home.

Mulberry said underlying sales in Britain were down 9 percent in the period due to fewer customers entering their stores, and fewer tourists. British retail sales had fallen by 1 percent in the previous year.

The group, which has tried to go back to its roots as an "affordable luxury" label over the past two years with lower-priced products, reported full-year profit before tax up 36 percent to 11.3 million pounds.

 

(Reporting by Kate Holton; Editing by Alistair Smout)