Mulberry profits to be ahead of expectations

Luxury fashion retailer, the Mulberry Group, has announced its full year revenues and profits are to be “moderately” ahead of expectations, according to its trading update for its financial year ending 2 April 2022 (FY22).

The “robust” sales trend delivered in the first half of FY22 has continued throughout the second half, which will result in group revenues for FY22 being “moderately” ahead of current expectations. Gross margins have also been maintained.

The brand also said it has taken this opportunity to increase its marketing investment in the second half of FY22 to further build global brand awareness. Despite this additional expenditure, profits for FY22 will be ahead of current expectations.

Mulberry added its balance sheet “remains strong” with net cash balances at FY22 expected to be in excess of £20m. The group intends to announce its FY22 results on 29 June 2022.