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Mulberry H1 revenue up 10% to GBP74.5 million

Staff Writer |
Mulberry posted a pretax loss for the six months ended September 30 of 0.5 million pounds ($0.6 million) compared with a pretax profit of GBP60,000 in the same period last year.

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Revenue, however, rose 10% to GBP74.5 million from GBP67.8 million.

Mulberry blamed the pretax loss on increased product investment of about GBP1.0 million and extra foreign-exchange costs on overseas subsidiaries of about GBP400,000.

It said total retail sales in the 10 weeks ended Dec. 3 increased 4%, or 3% on a like-for-like basis.

Tourist spending boosted sales in London, though domestic demand softened in recent weeks, it said.

"The U.K. and global outlook has become more uncertain since we last reported, however we are in a good position," Chief Executive Thierry Andretta said.

Mulberry also said it signed an agreement with Challice Ltd. to form a new company to run the group's business in China, Hong Kong and Taiwan.


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