| CATEGORY: SMALL CAPS NEWS SECTOR: GENERAL RETAILERS |
Mulberry H1 profit rises 16% |
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By Caroline Jouan
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Thu 10 Dec 2009
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LONDON (SHARECAST) - Luxury fashion brand Mulberry posted a 16% rise in half year pre-tax profit and, based on current trends, expects full year results to be substantially ahead of market expectations.
Pre-tax profit increased to £1.5m for the six months ended 30 September 2009 from £1.3m the year same time a year earlier. Total sales increased to £32.3m from £27.8m.
The group, whose bags and accessories account for over 90% of group sales, said UK retail sales rose 41%, with like-for-like UK retail sales up 39%.
Mulberry said its balance sheet is strong with cash of £4.3m and no debt.
Chairman and chief executive Godfrey Davis commented, "Since September, demand has continued to grow for both the retail and wholesale channels. The outlook is positive and on current trends the results for the year will be substantially ahead of market expectations."
The group added that the Spring/Summer 2010 season has started more strongly than Autumn/Winter 2009 and the order book is currently on a par with the previous year.
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