Mulberry exceeds expectations
Fashion brand Mulberry’s half year pre-tax profit has more than tripled from £1.5 million to £4.7 million and it says full year figures will beat expectations.
UK revenues rose 27% but US sales more than doubled and France up 189%, albeit from lower bases. During the six months to the end of September, Mulberry opened new stores in Hong Kong, Korea, Qatar and UAE. Since then more stores have followed, including outlets in Sydney and Amsterdam and a new flagship store in London, UK.
The UK label, known for its luxury leather handbags and traditional English styling, is set to open more international stores in 2011, according to its chief executive Godfrey Davis. It has already agreed terms on a flagship store in Soho New York.
“Mulberry has continued to increase sales and profitability during the first half of the year due to consistent demand for our products in all markets. Since September 2010 the pattern of strong demand has continued and the outlook for the second half of the year is very positive, with the full year performance likely to exceed market expectations,” said Mr Godfrey.
