REG - Mulberry Group PLC - Trading Update

MulberryAnnouncement

17/01/2024 07:00

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RNS Number : 9162Z  Mulberry Group PLC  17 January 2024

Mulberry Group plc

 

Trading Update

 

Mulberry Group plc (the "Group" or "Mulberry"), the British sustainable luxury
brand, announces a trading update for the 13 weeks ended 30 December 2023 (the
"period").

 

Group revenue in the period was down -8.4% (-6.6% on CER*) versus the prior
year period, impacted by the challenging macro-economic backdrop and decline
in luxury consumer spending.  In the run up to Christmas, the Group
maintained its full price sales approach.

 

 Retail sales                -1.5% (+0.6% on CER)
 International retail sales  +3.9% (+10.8% on CER)
 UK retail sales             -4.0%

 

*Constant exchange rates

 

Group revenue for the 39 weeks ended 30 December 2023 was up +0.1% (+1.3% on
CER) versus the prior year, with gross margins in line with those reported for
the first half of the year. As previously highlighted, results for the full
year will be impacted by the additional operational costs of new stores in
Sweden and Australia and ongoing important investments, including technology,
supporting future growth of the Group.

 

Thierry Andretta, Chief Executive Officer, commented: "In the run up to
Christmas, the macro-economic environment continued to impact consumer
spending in the luxury retail sector, which Mulberry was not immune from.
Despite this, the Group maintained its discipline and focus on a full price
strategy against an unusually high promotional environment.  Our
international sales remained positive, supported by our strategy to bring
in-house ownership of overseas stores. In the UK, we continue to believe the
lack of VAT-free shopping is impacting the retail landscape, as well as the
hospitality, leisure and tourism sectors. Looking ahead, we are continuing to
execute our plans and remain confident that our investments will underpin
future sustainable growth."

 

For further details please contact:

 

Mulberry Group plc

Charles
Anderson
                                Tel: +44 (0) 20
7605 6793

 

Headland (Public Relations)

Lucy Legh / Joanna Clark
 
Tel: +44 (0) 20 3805 4822

 

Houlihan Lokey UK Limited (Financial Adviser and NOMAD)

Tim Richardson
 
                Tel: +44 (0) 20 7839 3355

 

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