Mulberry profits to exceed expectations
Luxury fashion brand Mulberry has said its full-year profits will be slightly ahead of expectations as a result of its efforts to control costs.
In a trading statement, the company said revenue for the year ended 31 March will be in line with expectations at £148 million compared to £163 million in the previous year.
The company reported in December that retail trading had improved following the introduction of the Spring/Summer 2015 collection into stores at the beginning of November.
Today the company said the improved retail performance had continued although the growth had been more than offset by decline in its wholesale business.
While group retail like-for-like sales fell by 13% in the first half, they rose by 7% in the second half to give an overall decline of 2% in the full year.
The company said it expects its reported results for the full year to include an exceptional non-cash impairment charge of between £2.5 and £3 million relating to five stores.
Commenting on the performance, Mulberry chairman Godfrey Davis said: "The encouraging retail trends over the last five months reflect our reinvigorated product offer and focus upon our customers. We are delighted to have announced the appointment of our new CEO, Thierry Andretta and look forward to the arrival of our new Creative Director, Johnny Coca, during July."
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