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Mulberry sees surge in profits

Mulberry, the British luxury fashion retailer, has announced a sharp rise in profits for the year to 31 March.

CITY & CORPORATE

Mulberry sees surge in profits

Pre-tax profit jumped to £23.3 million from the £5.1 million achieved a year ago. Revenue increased 69% to £121.6 million, with retail sales up 44% and wholesale sales rising  130%.

The figures for the current financial year to the 4 June, showed like-for-like sales were up 42% on the same period last year. Furthermore, Mulberry said its orders for the autumn/winter 2011 season were already 38% ahead of last year's total orders, with five months of selling to go.

The group, best known for its luxury handbags, also gave an update on its growth plans  saying it  had opened nine new stores during the past year and planned to open six more around the world in the next 10 months.It also announced plans to extend its factory in Somerset which would add an extra 30% to its UK production capacity and create 50 new jobs.

Chairman and chief executive Godfrey Davis said: "Strong demand in all markets has continued into the new financial year and the outlook for the Mulberry brand is positive."

He continued: "While we remain cautious about the global economic environment, we are focused on accelerating our international expansion

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