REG - Mulberry Group PLC - Year End Trading Update

MulberryAnnouncement

20/04/2023 07:00

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RNS Number : 8309W  Mulberry Group PLC  20 April 2023

Mulberry Group plc

 

Year End Trading Update and notice of Full Year Results

 

 

Mulberry Group plc (the "Group" or "Mulberry"), the British sustainable luxury
brand, announces a trading update for its financial year ended 1 April 2023
("FY23").

 

Overall, FY23 trading was in line with the Mulberry Board's expectations, with
Group revenue slightly ahead of last year and underlying Group profitability,
as usual, weighted to the second half. The Group has seen an improvement in
retail revenue over the second half compared to the first half of the year,
driven by a good performance in the UK and an improving environment in China
over recent months, underpinned by our direct-to-customer model.

 

During FY23, Mulberry continued to make progress against its strategic
priorities, including:

 

·     Gross margin maintained due to our strategic focus on full price
sales

·     Further investment in the Asia Pacific region, including the launch
of a duty-free store in Hainan, Greater China

·    Assuming full ownership of Mulberry Australia following the
acquisition of five stores previously run by the Group's Australian
franchisee, an illustration of Mulberry's omni-channel approach to expand the
direct-to-customer model. This follows the launch of Mulberry Sweden and the
acquisition of three stores previously operated by the Group's Swedish
franchisee

·   Launched the Mulberry X Miffy Lunar Collection as part of the Group's
ongoing commitment to sustainable innovation through its 'Made to Last' ethos
- sustainable products made with 100% environmentally accredited carbon
neutral leather

·   Transformation function established to support the delivery of our
strategy, including projects and system investments that support our
omni-channel growth in the longer term

 

The Group continued to invest in its global brand awareness and the
development of its business model during FY23 and remains focused on investing
for future growth. As a result, net cash balances as at 1 April 2023 are
expected to be c.£0.8 million, with further headroom available under its
borrowing facilities.

 

The Group intends to announce its audited FY23 results on 22 June 2023.

 

Thierry Andretta, Chief Executive Officer, commented: "This year we have
continued to deliver on our strategic objectives while demonstrating
resilience in the challenging macro-economic environment. We've invested in
our omni-channel approach, improved our direct-to-customer-model and
maintained gross margin.

 

"I would like to thank all my colleagues for their creativity and the
fantastic service they provide to our customers."

 

FOR FURTHER DETAILS PLEASE CONTACT:

 

Mulberry

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

 

Headland (Public Relations)

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

mulberry@headlandconsultancy.com

 

Houlihan Lokey UK Limited (Financial Adviser and NOMAD)

Tim Richardson
 
Tel: +44 (0) 20 7484 4040

 

 

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