Mulberry grows sales and profits as customers return to stores
Luxury brand Mulberry has made a strong recovery post Covid-19 with a 32% uplift in group revenue to £152.4 million in the year to 2 April.
While UK retail sales increased by 36% to £89.8 million, sales in China and South Korea rose by 59% and 11% respectively.
Online sales came in at £47.5 million which marked a 16% decline on last year as customers returned to stores after shop closures during the pandemic. However, digital sales were up 31% compared to pre-Covid-19 levels.
Meanwhile, pre-tax profit was £21.3 million compared to the previous year’s £4.6 million following a one-off profit on disposal of a Paris lease of £5.7 million.
Thierry Andretta, Mulberry chief executive, said: “We have made great strides in our mission to be the leading responsible British lifestyle brand, and a pioneer in sustainability. Mulberry continues to delight customers with our beautiful products, made to last with the highest quality, lowest carbon materials in our UK factories.
“The strength of our financial results reflects positive customer response to our product as well as the strategic decisions we have made over the past five years, and I want to take this opportunity to thank my colleagues for their commitment and contribution to the business.”
Giving an update on current trading, Mulberry said group revenue for the first 12 weeks of the new financial year is 5% ahead of last year.
Andretta added: “Whilst the economic and geo-political outlook remains uncertain, we are an iconic international brand with a clear strategy for future profitable, cash-generative growth. We remain well placed to continue to deliver sustainable returns to the benefit of all our stakeholders.”