Luxury British fashion brand Mulberry continues to flourish while other businesses operating in the retail sector struggle, a half-year report released by the company this morning has revealed.
Total revenues in the six months ending September 30th 2011 were up 62 per cent year-on-year to £72.3 million, while like-for-like (LFL) retail sales jumped 44 per cent compared to the same period in 2010.
Profits before tax (PBT) increased by 231 per cent to £15.6 million, with strong growth reported in both the UK and internationally, while shareholders were buoyed by a 244 per cent rise in basic earnings per share to 19.6p.
UK LFL retail sales were up 44 per cent for the period and international LFLs jumped by 46 per cent, with the latter division boosted by the opening of a New York flagship store and five outlets being opened in the Asia-Pacific region by Mulberry’s partners.
Godfrey Davis, Chairman and CEO of Mulberry, said: “The first half of this year has seen us deliver another strong set of results.
“Our strategy to focus on international expansion continues to bear fruit. Against the backdrop of economic uncertainty, Mulberry continues to build market share internationally and we remain cautiously optimistic about the future prospects of the business.”
Today’s statement also revealed that the outlook for the six months to March 31st 2012 is positive, but the company is cautious in light of the more challenging economic climate.
During the ten weeks to December 3rd, total retail sales were 18 per cent above last year with LFL sales up 14 per cent, making it an encouraging start to the typically lucrative Christmas season.
So, with fellow fashion firm Burberry recently reporting a 26 per cent annual rise in PBT to £162 million for its first-half period, it appears that British luxury brands are among the few UK retailers achieving significant success at a difficult time for businesses nationwide.