UK Luxury Brand Sees Profits Soar Amid Global Sales Boost
- Mulberry Group reports 32% revenue increase to £152.4m compared to £115m in 2021
- Profits before tax reach £21.3m, up from £4.6m in 2021 with a one-off profit of £5.7m from Paris exit
- UK retail sales rise 36% to £89.8m compared to £66.2m in 2021
- China retail sales up 59%, South Korea up 11% contributing to a 28% increase in Asia Pacific retail sales
- International retail sales rise 20% to £40.4m compared to £33.8m in 2021
- Digital sales down 16% to £47.5m from £56.4m in 2021 as customers return to stores
- Omni-channel revenue down 1% due to COVID-19 restrictions in China
- First 12 weeks of new financial year show 5% growth supported by wholesale business up 29%
- CEO Thierry Andretta credits product quality and sustainability efforts for success
- Mulberry remains confident in future profitable, cash-generative growth despite uncertain economic climate
Mulberry Group, the UK luxury brand, has reported a significant increase in revenues and profits following its strong recovery from the pandemic. The company’s preliminary results for the 53 weeks ended 2 April 2022 show a 32% rise in revenue to £152.4m compared with £115m in 2021, with profits before tax reaching £21.3m, up from £4.6m in the previous year. This includes a one-off profit of £5.7m from its Paris exit. UK retail sales increased by 36% to £89.8m compared with £66.2m in 2021. The brand’s performance in China and South Korea has also contributed to a 28% increase in Asia Pacific retail sales, reflecting ongoing development in the region. International retail sales increased by 20% to £40.4m compared with £33.8m in 2021. However, digital sales have decreased by 16%, down to £47.5m from £56.4m in 2021 as customers return to physical stores following re-openings. Mulberry’s revenues for the first 12 weeks of the new financial year are 5% ahead of last year, supported by its wholesale business up 29%. Despite COVID-19 restrictions impacting omni-channel revenue by 1%, CEO Thierry Andretta remains confident in Mulberry’s future growth and commitment to sustainability.
Factuality Level: 10
Factuality Justification: The article provides accurate and objective information about Mulberry Group’s financial performance, including revenue, profits, sales in different regions, and CEO’s comments on sustainability and future growth strategy.
Noise Level: 3
Noise Justification: The article provides relevant information about Mulberry Group’s financial performance and its recovery post-pandemic, including specific revenue and profit figures for various regions and channels. It also includes a comment from the CEO on the company’s sustainability efforts and future growth strategy. However, it does not delve into any in-depth analysis or provide actionable insights beyond reporting the numbers.
Financial Relevance: Yes
Financial Markets Impacted: Mulberry Group’s stock and related luxury goods industry
Financial Rating Justification: The article discusses Mulberry Group’s financial performance, including revenue growth, profits, and sales in various regions. This information is relevant to investors and can impact the company’s stock price as well as the broader luxury goods market.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.
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