One-off lease disposal and surging sales behind jump in Mulberry profits

Mulberry store

Mulberry has reported a jump in profits off the back of a one-off lease disposal and surging sales in the UK and Asia Pacific markets. 

For the 53 weeks ending April 2, 2022, the luxury fashion retailer reported a 32% in group revenue to £152.4m and profit before tax of £21.3m - including a one-off profit of £5.7m from the disposal of a lease in Paris. 

For the period, UK retail sales were up 36% to £89.8m, while sales in China were up 36% to £89.8m and up 11% in South Korea, which contributed to the 28% increase in Asia Pacific retail sales

Digital sales were down 16% to £47.5m as customers switched back to stores following store re-openings. However ecommerce was still up 31% compared to pre-COVID-19 levels.

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