Mulberry Group plc announced sales results for the six months ended September 30, 2014. For the period, the company announced revenues were down 17% to £64.7 million compared to £78.1 million a year ago. Wholesale sales declined by £9.0 million (-31%) to £19.6 million. This decline, which has been greater than anticipated, reflects a combination of inventory reduction and conservative ordering by Asian and European franchise partners.

For the full year ending March 31, 2015, the company expects profit before tax is expected to be significantly below current expectations. The company expects the wholesale sales pattern to continue for the remainder of 2014 before improving during 2015/16 as partner store sales stabilize and their inventories reduce.