Luxury retailer Mulberry’s profits soared in its first half, when a higher proportion of sales were made at full retail price during the spring season and there was less reduced stock in the Sale.
House broker Altium said Mulberry continued to “trounce expectations” and increased its pre-tax profits forecasts.
For the current year Altium moved from £13m to £15m, for the following year from £18m to £22m and for 2013 from £22m to £30m.
Mulberry reported strong demand from both UK and Asian consumers and Altium maintained it is on the “verge of becoming a truly global brand”.
Last week Mulberry opened a new flagship store on London’s New Bond Street and has recently opened shops in Manchester, Sydney and Amsterdam.
Mulberry posted a 206% rise in first half pre-tax profits to £4.7m on sales up 38%.
Like-for-like retail sales increased 29% in the six months to September 30, when turnover was £44.7m. Gross profit margins rose by 63.9% and online sales rocketed 32%.
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