Free Subscription

  • Access 15 free news articles each month

Professional

Try one month for $7
  • Unlimited access to news,insights and opinions
  • Quarterly and weekly magazines
  • Independent research reports and forecasts
  • Quarterly webinars with industry experts
  • Q&A with retail leaders
  • Career advice
  • 10% discount on events
×

Mulberry posts three-fold profit jump

mulberryBritish handbag maker Mulberry Group Plc has posted a three-fold jump in full-year pre-tax profit as it could attract more customers with a more affordable product range.

Profit before tax rose to STG6.2 million ($A11.89 million) for the year ended March 31, the company said on Thursday.

Mulberry, known for its classic leather bags, said full-year retail sales rose 8 per cent to STG118.7 million, while total revenue rose 5 per cent to STG155.9 million.

“Mulberry has made significant progress during the last financial year with solid growth achieved in revenues and profit,” said Thierry Andrietta, CEO, Mulberry.  “The first collection introduced by our new creative director, Johnny Coca, has been well received by both the UK and international press and partners.  Our UK manufacturing base, which produces c. 50 per cent of our bags, has remained a core strength and point of distinction.”

The luxury retailer’s digital sales were up 19 per cent to £21.4 million for the year, accounting for 14 per cent of its group sales (2015: 12 per cent).

“We have built a strong foundation for future growth as a result of the investment made in product design and development as well as our omni-channel infrastructure,” said Andrietta. “Looking forward, we will invest further in developing exciting new product, whilst continuing to engage with our core UK and growing international customer base.”

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.

You have 7 free articles.