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Mulberry to lower prices after new profit warning

Reuters - UK Focus

LONDON, April 17 (Reuters) - Mulberry warned on Thursday that underlying profit for the year would be marginally below current expectations, the fourth time in two years the British luxury brand has lowered its forecasts.

The group, which is still looking for a new chief executive after the departure last month of Bruno Guillon, said it would reverse its recent strategy of increasing prices, to offer more affordable prices to draw back customers.

It said profit before tax for the year ended 31 March 2014 was now expected to be around 14 million pounds ($23.5 million). ($1 = 0.5955 British Pounds) (Reporting by Kate Holton, Editing by Paul Sandle)