Mulberry half-year losses remain flat as retail sales edge up

Mulberry has today revealed its half-year results for the six months ending 30 September showing a £0.6m pre-tax loss (2016: £0.5m) on total revenue of £74.6m (2016: £74.5m).

The British luxury brand said retail sales in the period were up 2% (UK retail sales were up 1% and international retail sales were up 8%) while like-for-likes were down -1%. Wholesale was down -6%.

It also revealed that its new venture with Onward Global Fashion Co. Limited to develop the business in Japan, had got off to a good start. It was initially planned that it would open four stores in Japan but a further store had been added bringing the total to five. Mulberry also said new products introduced to its range had continued to gain momentum and said the Amberley bag had become an "instant bestseller".

Chief executive Thierry Andretta said the business was delivering on its its strategy to become a global luxury brand. "Our international platform is taking shape and we have seen a successful initial trading period in Japan through our collaboration with OGF. Our focus on full price sales growth has delivered good results with new designs proving popular with customers.  The Amberley bag, launched during June 2017, has already become a bestseller," he said.

"We continue to invest in our Somerset factories and have created an Artisan Studio that showcases our distinctive British craftsmanship on special and limited edition products. We continue to see strong demand from tourists in London and whilst the UK remains uncertain, the Group remains in a strong position to invest in further developing the customer experience in key international markets and enhancing its unique UK design and manufacturing base," he added.