MoneyAM MoneyAM
 Home   Log In   Register   Our Services   My Account   Contact   Help 
 Stockwatch   Level 2   Portfolio   Charts   Research   Share Price   Awards   Indices   Market Scan   Company Zone   Traders' Room 
 Funds   Trades   Terminal   Alerts   Heatmaps   News   Stock Screener   Forward Diary   Forex Prices   Director Deals   Investors' Room 
 CFDs   Shares   SIPPs   ISAs   Forex   ETFs   Videos   Comparison Tables   Spread Betting   Broker Notes   Shares Magazine 
You are NOT currently logged in

Filter Criteria  
Epic: Keywords: 
From: Time:  (hh:mm) RNS:  MonAM: 
To: Time:  (hh:mm)
Please Note - Streaming News is only available to subscribers to the Active Level and above

Mulberry posts 8% profit fall; says current trading in UK has worsened

Hand bag maker Mulberry posted a fall in annual profit and said conditions had deteriorated in the early part of the new financial year.

Pre-tax profit fell 8% to £7.5m, as revenue increased 1% to £169.7m.

The fall in profit was pinned on startup costs related the group's expansion in Asia.

Stripping out those costs, pre-tax profit from existing business rose 36% to £11.3m.

In the 10 weeks to 2 June, however, retail like-for-like sales were down 7% on-year, owing to a 9% fall in the UK, which the company blamed on 'lower footfall and fewer tourists, as more widely reported'.

The company's gross margin in its financial year through March increased 185 basis points to 63.5%.

'We have made significant progress during the year on our international strategy, creating new Mulberry subsidiaries in China, Hong Kong, Taiwan and Japan,' chief executive chief executive Thierry Andretta said.

'We are also pleased to announce today the formation of a new majority owned venture to develop the business in South Korea.'

'Our international business is growing and following the completion of this set up phase in Asia, we will focus on omni-channel, digital partnerships and marketing investment in the region.'

'Although the UK market remains challenging, we will continue to invest in our strategy to develop Mulberry into a global luxury brand to deliver increased shareholder value.'

Story provided by