Mulberry profits up 54%
Mulberry, the luxury handbag and leather goods retailer, has reported a 54% rise in its full-year pre-tax profit as the company continues to focus on international expansion.
Pre-tax profit increased to £36 million in the year to 31 March 2012, while sales rose 38% to £168.5 million.
In addition, the company made a good start to the current financial year with retail sales up 12% for the 10 weeks to 9 June 2012 and like-for-like sales at UK full price stores rising by 14%.
Mulberry’s global expansion continued throughout the year with international revenues growing 61% to £65.2 million, accounting for 39% of group revenues.
The company opened 14 stores during the year in the UK, Netherlands, the US and Asia and is targeting the launch of 15-20 new international stores in the current financial year.
Chairman Godfrey Davis said: "This year has seen us deliver another strong set of results and we have performed well against expectations.
"While the current economic conditions make the short term trading outlook more challenging in some markets, we remain confident about Mulberry's long term future. We continue to focus on developing our business internationally, opening new stores and building the foundations for long term growth."
Online sales grew by 58% to £14.5 million in the year, accounting for 9% of group revenues. The group said its website was proving to be a key marketing tool for the brand in addition to being a profitable and growing sales channel.
Mulberry also announced it is to build a second factory in Somerset, which will double its UK capacity and create 300 jobs.
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