Mulberry profits fall to £13.2m in FY23
However, its international retail sales increased 12% to £46.5m compared with £41.7m in 2022
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Mulberry has reported that pre-tax profits fell from £21.3m to £13.2m in the year ended 1 April 2023, despite reporting that revenues rose by 4% to £159.1m over the same period.
Its UK retail sales saw a slight decline from £88.5m to £87.7m however, as the first half of the year in particular was impacted by the broader economic environment,
However, its international retail sales increased 12% to £46.5, compared with £41.7m in 2022.
Digital sales were also up 2% to £48.4m and represented 30% of total revenue. This continues to be above pre Covid-19 levels
The company managed to maintain gross margins at 71.2% (2022: 71.7%), with full price retail sales rising by 6% and accounting for 78% of all retail sales.
Thierry Andretta, CEO of Mulberry, said: “We have delivered a positive group performance this year thanks to our unique brand identity, beautiful innovative products and market-leading omni-channel proposition. Our Made to Last Manifesto also continues to set us apart and ensures that sustainability remains central to our strategy, with our ambition to transform to a regenerative and circular model across our supply chain by 2030 firmly on track.
“We continued to expand our circularity programme offering our pre-loved bags in the UK and Europe and restoring over 10,000 bags every year. We have made significant investments in the Company this year, as well as expanding our direct-to-customer model with the recent acquisitions of businesses in Sweden and Australia. I am also delighted today to announce we now have full ownership of Mulberry Japan Co. Limited.”
He added: “These investments were supported by our transformation function, designed to support the delivery of our strategy, with a particular focus on projects and systems that will underpin our growth in the longer term. We are well set for the year ahead with the right strategy in place to deliver on our growth plans. Finally, I want to thank colleagues for their continued dedication to Mulberry, bringing their creativity and commitment to our business.”
