Morning:
8°c
Mulberry sales up 14% at £51m
Bill Condie19 Jun 2008
Despite the High Street grappling with consumer caution, there appears to be no shortage of people prepared to pay up to £500 for luxury brand Mulberry's handbags.
Global sales have surged by 14% in the past year to £51.2 million as it expands in the US and Asia, which it sees as a big potential new market.
"We have worked incredibly hard on our product range and people seem to be buying it," said CEO Godfrey Davis.
Sales in Britain rose 29% with same-store sale growth of 10%. Net profit was slightly ahead of expectations at £5.2 million, down from £6.2 million, as a £5 million marketing spend eroded the bottom line.
During the year Mulberry opened shops in Covent Garden, Stansted Airport, Heathrow Terminal 5 and Glasgow, four concessions in House of Fraser department stores and a new outlet near Liverpool.
"Given the climate, my natural caution comes to the fore, but if it weren't for that I would be very bullish," Davis said.
