High StreetNews

Mulberry sees profits rise amid post-pandemic sales boost

UK retail sales increased 36% to £89.8m compared with £66.2m in 2021.

Mulberry Group has reported that its revenues increased 32% to £152.4m compared with £115m in 2021, which it said reflects its strong recovery post pandemic. 

In its preliminary results for the 53 weeks ended 2 April 2022, Mulberry reported profits before tax reached £21.3m, up from £4.6m in 2021, however, this includes a one-off profit of £5.7m from its Paris exit.

UK retail sales increased 36% to £89.8m compared with £66.2m in 2021. 

Mulberry also revealed its revenues were boosted by China retail sales having increased by 59% and South Korea retail sales also up 11%, which contributed to the 28% increase in Asia Pacific retail sales, reflecting ongoing development in the region. International retail sales increased 20% to £40.4m compared with £33.8m in 2021.

However, it said digital sales have decreased 16%, £47.5m, compared with £56.4m 2021,  as customers switched back to stores following store re-openings. 

In addition, it said mulberry revenues for the first 12 weeks of the new financial year are 5% ahead of last year, supported by its wholesale business up 29%. Omni-channel revenue is down 1%, largely as a result of COVID-19 restrictions in mainland China, including the closure of the majority of stores and our Shanghai distribution centre.

Thierry Andretta, CEO, said: “We have made great strides in our mission to be the leading responsible British lifestyle brand, and a pioneer in sustainability. Mulberry continues to delight customers with our beautiful products, made to last with the highest quality, lowest carbon materials in our UK factories.

“The strength of our financial results reflects positive customer response to our product as well as the strategic decisions we have made over the past five years, and I want to take this opportunity to thank my colleagues for their commitment and contribution to the business.” 

He added: “Whilst the economic and geo-political outlook remains uncertain, we are an iconic international brand with a clear strategy for future profitable, cash-generative growth. We remain well placed to continue to deliver sustainable returns to the benefit of all our stakeholders.” 

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