Retail round-up on June 17, 2016: Mulberry profits escalate and Marks & Spencer partners with Energy4All for panel installation.
profits escalate after price cuts
Handbag company Mulberry has recorded decent full-year profits as it pursues customers looking for more affordable luxury.
The firm stated that pre-tax profits increased from £1.9m to £6.2m as the Somerset-based company's turnaround continues under the supervision of chief executive Thierry Andretta.
Mulberry has regained its profits after it cut prices and revived its product range in an attempt to win back customers.
Mulberry’s effort to become an economical luxury brand seems to be paying off and it now plans to open more factories in the UK.
Profits before tax surged to £6.2m in the year to 31 March, from £1.9m the previous year. Retail sales mounted from 8% to £118.7m while wholesale revenues dropped slightly to £37.2m from £38.8m.
Andretta said: “Mulberry has made significant progress during the past financial year, with solid growth achieved in revenues and profit.”
partners with Energy4All to raise £1.2m for panel installation
Marks & Spencer has turned to crowdfunding to support the installation of solar panels on its nine large outlets.
The retailer is joining hands with Energy4All, a not-for-profit group that helps communities set up energy co-ops with the intention of raising £1.23m to install panels on its nine large outlets including Torbay in Devon, Truro in Cornwall and Cheshunt in Hertfordshire.
The newly formed M&S Energy Society is welcoming investments amid £100 and £100,000 to purchase and install 891kWh-worth of panels for at least 20 years from which the retailer will purchase energy. The group is providing a 5% rate of interest every year for those who invest.
Lydia Hopton, Plan A project manager at M&S, said: “This project is a great opportunity for customers to invest in green energy and help the environment, while also supporting local community groups. We’re really excited that M&S will be the first retailer to launch a scheme of this kind.”