Business · Companies · 1 hr ago
Mulberry first-half sales rise 18% as turnaround continues
Mulberry’s sales rose 18% in the 26 weeks to September 26 compared with the same period a year earlier.
The Somerset-based luxury handbag maker said demand was strong across its collections, including new Raffia, Crochet and Stevie bags.
Sales grew 10% in the UK, 28% in the US and 23% in Europe excluding the UK; franchise and wholesale sales rose 52%.
The gains come as Mulberry pursues a turnaround plan launched early last year to strengthen its finances and return to profit.
The company said growth in full-price sales showed its collections were connecting with customers, while its shares gained.
Mulberry enters the second half with a strong product pipeline, but said it still faces a challenging trading environment and has more work to do on its strategy.
Mulberry’s sales rose 18% in the 26 weeks to September 26 compared with the same period a year earlier.
The UK luxury brand said momentum had continued into the second half despite a challenging macroeconomic backdrop.
Sales grew across the UK, the US and Europe, while franchise and wholesale sales increased by 52%.
Chief executive Andrea Baldo said full-price sales growth showed the collections were resonating with customers.
The company is pursuing a turnaround plan launched early last year to shore up its finances and return to profit.
- Who
- Mulberry, the UK luxury handbag maker.
- What
- Sales rose 18% in the first half of its financial year.
- When
- The 26 weeks to September 26; the year is not stated in the article text.
- Where
- The UK, the US and Europe, excluding the UK, all recorded sales growth.
- Why
- Mulberry attributed the growth to strong customer demand and its work to refocus the business around product, brand and customer.
This story does not have two clearly opposing sides.
Mulberry launched a turnaround plan to shore up its finances and return to profit.
Group sales rose 18% compared with the same period a year earlier.
Mulberry said sales momentum had continued into the second half of the financial year.
- Group sales
- Up 18% in the 26 weeks to September 26
- UK sales
- Up 10%, with like-for-like growth of 9%
- US sales
- Up 28%
- Europe sales
- Up 23%, excluding the UK
- Franchise and wholesale sales
- Up 52%
3 sources
What people are saying
The strength of our performance reflects the work undertaken over the past year to refocus the group around product, brand and customer, while maintaining a disciplined approach to trading and cost management.
The growth in full-price sales is particularly encouraging, demonstrating that our collections are resonating with customers across our key markets.