Mulberry FY trading in line with expectations
By Michele Maatouk
Date: Thursday 20 Apr 2023
(Sharecast News) - Luxury handbag maker Mulberry said on Thursday that full-year trading was line with the board's expectations.
In an update for the year to 1 April, the company said group revenue was slightly ahead of the previous year, while underlying group profitability was weighed to the second half, "as usual".
Mulberry hailed an improvement in retail revenue over the second half compared to the first, driven by a good performance in the UK and an improving environment in China over recent months, underpinned by its direct-to-customer model.
The company said that during the year, it continued to make progress against its strategic priorities. The gross margin was maintained as it focused on full price sales and Mulberry made a further investment in the Asia Pacific region, including the launch of a duty-free store in Hainan, Greater China.
In addition, the group assumed full ownership of Mulberry Australia after buying five stores previously run by its Australian franchisee.
Chief executive Thierry Andretta 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."
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