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Mulberry to beat profits target after strong Xmas

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Luxury fashion brand Mulberry Group has posted a like-for-like (LFL) full price sales rise of 70 per cent over the festive period, in results published today.

Profit levels for the full-year period are expected to exceed expectations, as own store sales increased 66 per cent in the six weeks to January 15th.

LFL off price sales grew 34 per cent during the period and wholesale orders for spring 2011 are currently 104 per cent ahead of the previous year with three months of the season remaining.

A statement released by the group today said: “Margins for the year to date continue to be strong as a result of improved operational gearing from increased volumes and due to a larger proportion of merchandise being sold at full retail price compared to the previous year.

“As a result of this strong performance, the profit for the year ending March 31st 2011 is expected to exceed market expectations.”

In December the group released first-half results showing profit before tax growing 207 per cent compared to the same period last year, and no debt on the company’s books.

Godfrey Davis, Chairman and CEO of Mulberry Group, said at the time: “Mulberry has continued to increase sales and profitability during the first half of the year due to consistent demand for our products in all markets.”

Published on Friday 21 January by Editorial Assistant

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