Mulberry strategy delivering results
Luxury fashion brand Mulberry made a first half pre-tax profit of £0.1 million compared to a loss of £1.1 million in the same period in the previous year.
Total revenue rose by 5% to £67.8 million in the six months to 30 September. Retail sales, including online, increased by 12% to £50.4 million with like-for-like sales up 10%.
UK retail sales rose by 12% in the period with like-for-like growth of 14%. International retail sales climbed by 12% but fell by 3% on a like-for-like basis. The company said sales in Europe had grown "encouragingly" while North America was "more challenging".
Online sales increased by 20% in the period to represent 12% of group sales. Some 77% of online sales were generated in the UK and 46% of revenues were generated through orders placed via mobile phones or tablets.
Mulberry said its new creative director, Johnny Coca, will show his first Mulberry collection as part of London Fashion Week during February 2016.
Thierry Andretta, Mulberry chief executive, said: "Our strategy is beginning to deliver tangible results in line with our expectations. We look forward to Johnny Coca's first Mulberry collection which will emphasise our Britishness and our heritage in leather, whilst delivering great quality within our targeted price range. We remain committed to our UK manufacturing base, which produces c. 50% of our handbags."
Looking at current trading, Mulberry said total retail sales for the 10 weeks to 5 December were up 4% while like-for-like sales grew by 5%.
Andretta added: “We are excited about the future and look forward to the Mulberry brand fulfilling its potential both in the UK and internationally."
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