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Mulberry Cut at Goldman, Rev. Slowdown More Than Estimated 2013-12-23 08:00:46.699 GMT
By Heather Burke Dec. 23 (Bloomberg) -- Mulberry cut to neutral at Goldman, sees outlook weaker than earlier estimated after co. reported 1H results. * Cuts FY14 rev. est. by 6%, FY15 by 9% * Cuts FY14 oper. profit est. by 6%, FY15 by 11% * FY14/15 sales may be hurt with wholesale changes, slower Asia store openings * Had “turbulent” last yr with changes to brand strategy to position more higher-end * Sees strategy successful, scale of rev. slowdown more than estimated * Shrs down 21% YTD vs FTSE All Shr up 14%
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--Editor: James Cone
To contact the reporter on this story: Heather Burke in London at +44-20-7673-2044 or hburke2@bloomberg.net
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