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Mulberry full year profits rise by 21%

Mulberry, the luxury accessories retailer, has increased its annual profit by 21% after a year of "good progress".

FASHION

Mulberry full year profits rise by 21%

Mulberry, the luxury accessories retailer, has increased its annual profit by 21% after a year of "good progress".

In the year to 31 March, pre-tax profit climbed to £7.5 million while total revenue rose by 8% to £168.1 million.

Retail sales increased by 8% to £128.3 million as like-for-like sales grew by 5%.

Revenue from digital channels climbed by 19% to represent 15% of group revenue.

Thierry Andretta, Mulberry chief executive, said: "During the year we have made good progress. Our sales and profits are growing, enhancing our strong cash position.

“We have advanced our international growth strategy with a new partnership in Asia and the continued expansion of our omni-channel offer in key markets.

“We have generated strong creative momentum with new products that are well received by our existing and new customers.”

Giving an update on current trading, Mulberry said retail like-for-like sales grew by 1% in the 10 weeks to 3 June.

Andretta added: “Looking ahead, we will continue to invest in advancing our international development and increasing Mulberry's relevance to our customers' rapidly evolving lifestyle."

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