October 23, 2012

Mulberry reports 6% revenue increase for H1 in 2012

British luxury and fashion retailer Mulberry reported a 6% increase in its total revenues to £76.5m for the first half of 2012 that ended on 30 September.

By admin-demo

British luxury and fashion retailer Mulberry reported a 6% increase in its total revenues to £76.5m for the first half of 2012 that ended on 30 September.

Retail revenues increased 13% to £46.5m while like-for-like sales grew 7%.

Sales in the UK were up 13% when compared to the corresponding period of 2011; however, off-price sales in the region remained weaker.

International sales were up 41% with the company confident of its international expansion strategy and having recently opened stores in San Francisco, Washington D.C., Berlin and Frankfurt Airport.

Commenting on the results Mulberry CEO Bruno Guillon remarked that the retail business in UK performed well given the background of the challenging economical climate.

"Although international retail sales are behind expectations, newly opened stores are performing satisfactorily and we are on track to open our target of 15-20 stores during 2012/13.

"The steps we have taken to improve the quality of Mulberry’s distribution network in both the retail and wholesale channels will result in the short term slowing of sales growth," added Guillon.

Wholesale shipments for the company were down 4% compared to the same period last year due to the challenging environment in Asia.