Clothing & Shoes

Mulberry profits rise to £21m as revenues jump 35%

Looking ahead, Mulberry confirmed group revenues for the first 12 weeks of the new financial year are 5% ahead of last year

British luxury fashion brand Mulberry has posted profits before tax of £21.3m for the 53-week period ended April 2022, up from £4.6m the previous year, as its revenues reflected “strong recovery post Covid-19”.

It revealed group revenue increased 32% during the period to £152.4m, with UK retail sales also up 36% to £89.8m (2021: £66.2m).

It added that China retail sales also increased 59% and South Korea retail sales up 11%, which contributed to the 28% increase in Asia Pacific retail sales, reflecting its ongoing development in the region.

Overall International retail sales increased 20% to £40.4m (2021: £33.8m)

Mulberry also confirmed digital sales of £47.5m (2021: £56.4m) down 16% as its customers switched back to stores following store re-openings. However this is still up 31% compared with pre-Covid-19 levels (2020: £36.3m).

Looking ahead, Mulberry confirmed group revenues for the first 12 weeks of the new financial year are 5% ahead of last year, supported by its wholesale business up 29%.

It also warned that omni-channel revenues are down 1%, largely as a result of Covid-19 restrictions in mainland China, including the closure of the majority of stores and its Shanghai distribution centre.

CEO Thierry Andretta 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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