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Mulberry has revealed that for the financial year ended 1 April trading was in line with the group’s expectations, with revenues being “slightly” ahead of last year and profitability being weighted to the second half.
This comes as the group has seen an improvement in retail revenue over the second half compared to the first half of the year, driven by a good performance in the UK and an improving environment in China that was underpinned by the retailer’s direct-to-customer model.
As a result, the retailer’s net cash balances as of 1 April are expected to be around £0.8m, with further headroom available under its borrowing facilities.
During FY23, the group maintained its gross margin due to a strategic focus on full price sales, as well as further investment in the Asia Pacific region with the launch of a duty-free store in Hainan, Greater China.
The group intends to announce its audited FY23 results on 22 June 2023.
Thierry Andretta, CEO of Mulberry, said: “This year we have continued to deliver on our strategic objectives while demonstrating resilience in the challenging macro-economic environment. We’ve invested in our omni-channel approach, improved our direct-to-customer-model and maintained gross margin.
“I would like to thank all my colleagues for their creativity and the fantastic service they provide to our customers.”
