Laura Chesters10 April 2012
Fashion's favourite handbag brand, Mulberry has issued a profit upgrade with like-for-like sales up 35% over the six week Christmas period.
Mulberry boss Godfrey Davis, who will step down in March to be replaced by Frenchman Bruno Guillon, said results for the year will exceed expectations.
Mulberry's wholesale orders for summer 2012 are up 35% compared to the previous year. Analyst Panmure Gordon upgraded its pre tax profit forecast by £2 million for the year to the end of March to £37 million.
Analysts at WH Ireland recommended a 2000p buy target and said: "Mulberry is only just scratching the surface of its global potential."
Shares rose steadily to 1560p today.
