Mulberry posts widening losses as international sales soar

Mulberry
FashionLuxury goodsNews

Mulberry’s  underlying pre-tax loss widened from £2.8m to £12.3m in its first half, as the retailer was hit with extra costs.

The luxury brand was hit by additional investments and costs to support business growth as well as its move to bring ownership of its overseas stores in house in the six months to 30 September.

However, sales rose 7% to nearly £70m during the period, as it continued to invest in its long-term future.

UK retail sales were up 6% to £36.2m, while international revenues soared by 34% to £23.5m.


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Mulberry CEO Thierry Andretta said: “Our strategy to transform our international businesses to a direct-to-consumer model has enabled us to control the entire customer experience in Sweden, Australia, New Zealand and Japan.

“Our investments in the period in our digital systems, stores and product will power future growth”.

He continued: “Looking ahead, we are well placed to capitalise on the important festive trading period and expect the usual second half weighting to trading”.

In June, the retailer revealed its profits had slipped in its full year results, despite sales rising. 

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Mulberry posts widening losses as international sales soar

Mulberry

Mulberry’s  underlying pre-tax loss widened from £2.8m to £12.3m in its first half, as the retailer was hit with extra costs.

The luxury brand was hit by additional investments and costs to support business growth as well as its move to bring ownership of its overseas stores in house in the six months to 30 September.

However, sales rose 7% to nearly £70m during the period, as it continued to invest in its long-term future.

UK retail sales were up 6% to £36.2m, while international revenues soared by 34% to £23.5m.


Subscribe to Retail Gazette for free

Sign up here to get the latest news straight into your inbox each morning 


Mulberry CEO Thierry Andretta said: “Our strategy to transform our international businesses to a direct-to-consumer model has enabled us to control the entire customer experience in Sweden, Australia, New Zealand and Japan.

“Our investments in the period in our digital systems, stores and product will power future growth”.

He continued: “Looking ahead, we are well placed to capitalise on the important festive trading period and expect the usual second half weighting to trading”.

In June, the retailer revealed its profits had slipped in its full year results, despite sales rising. 

Click here to sign up to Retail Gazette‘s free daily email newsletter

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