LONDON (ShareCast) - A surprise profit warning from high-end fashion group Mulberry dampened the demand for luxury peer Burberry on Friday, meaning that the personal goods sector was the worst-performing category of the day.

Shares in Mulberry, known for its posh handbags, were down 17.41% at 1,020p% in afternoon trade after the company warned that its financial performance for the year ending March 31st will be below forecasts due to weak trading since Christmas.

Revenues are expected to slip to £165m, from £168m the year before, while profit before tax will drop from £36m to £26m.

As well as Wholesale sales falling 15% during the year, the firm said that retail sales in the last 10 weeks have been "disappointing" as tourists spent less in London.

For the year, the firm expects like-for-like retail sales growth to dramatically slow to 6.0%, from the 26% growth seen the year before.

Mulberry has a total of 15 stores and concessions in London, including its flagship store on New Bond Street.

Burberry has a shop on the same street and also opened its new flagship venue around the corner on Regent Street late last year.

Shares in the latter were down 3.5% at 1,339p.


Top performing sectors so far today
Fixed Line Telecommunications 3,237.06 +3.22%
Pharmaceuticals & Biotechnology 10,610.85 +1.47%
Food Producers & Processors 7,471.21 +1.27%
Health Care Equipment & Services 4,206.89 +1.16%
Gas, Water & Multiutilities 5,605.41 +1.14%

Bottom performing sectors so far today
Personal Goods 21,412.13 -2.82%
Industrial Engineering 9,441.45 -0.89%
Oil Equipment, Services & Distribution 24,299.37 -0.88%
Automobiles & Parts 6,280.04 -0.81%
Industrial Metals & Mining 2,287.82 -0.76%

BC

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE