Source - Alliance News

Mulberry Group PLC on Thursday said it expects to report a yearly revenue rise, with the luxury goods company’s sales boosted by an ‘improving environment in China’.

Mulberry shares rose 8.0% to 243.00 pence each in London on Thursday morning.

Mulberry said trading for the year ended April 1 was in line with expectations. Revenue is ‘slightly ahead’ of the £152.4 million achieved in financial 2022.

It noted that underlying profit, as expected, was weighted to the second half.

‘The group has seen an improvement in retail revenue over the second half compared to the first half of the year, driven by a good performance in the UK and an improving environment in China over recent months, underpinned by our direct-to-customer model,’ Mulberry said.

The Somerset-based firm, famed for its handbags, said it ‘maintained’ its gross margin. It put this down to its focus on full price sales.

In the Asia Pacific region, it launched a duty-free store in Hainan, Greater China during the financial year. It also took on full ownership of Mulberry Australia after acquiring five stores.

‘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,’ Chief Executive Officer Thierry Andretta said.

Mulberry plans to announce yearly results on June 22.

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