UK: Mulberry H1 profit surges on international growth
- H1 pre-tax profit up 231% to GBP15.6m
- Revenues rise 62% to GBP72.3m
- International revenues more than double last year
Luxury leather goods and accessories business Mulberry posted strong first half profit growth, boosted by the company’s focus on international expansion.
Retail sales were up 47% in the six months to 30 September, while like-for-like sales increased 44%, and wholesale shipments soared by 93%, with autumn/winter 2011 orders rising 47%.
International revenues more than doubled in the period and now account for more than 40% of total revenues, Mulberry said.
Updating on early performance in the second half, the company said retail sales had risen 18% in the 10 weeks to 3 December, while like-for-like sales had increased 14%.
“Our strategy to focus on international expansion continues to bear fruit,” said Godfrey Davis, Mulberry chairman and chief executive.
“Against the backdrop of economic uncertainty, Mulberry continues to build market share internationally and we remain cautiously optimistic about the future prospects of the business.”
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