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Mulberry expects profits to exceed expectations

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British fashion brand Mulberry Group has announced today that it expects its annual sales and profits for 2010 to exceed market expectations.

Strong UK export sales in January and February have led the company to revise its profits and sales target for the 12 months to March 31st upwards.

A statement from Mulberry, published this morning, said: “Margins for the year to date have continued to be strong as increased sales have led to improved operational gearing.

“Order intake for the autumn 2011 collection is encouraging.”

Mulberry experienced a like-for-like (LFL) full price sales rise of 70 per cent during Christmas, according to a trading update published in January.

Own store sales increased 66 per cent in the six weeks to January 15th, while LFL off-price sales went up 34 per cent over the same period.

Demand for luxury British fashion appears strong, with Ted Baker’s retail sales growing in recent months and Burberry saying it expects profit before tax this year to be at the top end of market expectations.

Published on Friday 11 March by Editorial Assistant

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