Mulberry sales off to positive start in new financial year

Mulberry has reported sales up 6% in the first 12 weeks of the new financial year, driven by a strong international performance.

The British luxury house said international retail sales were up 46% compared to the same period last year with Asia Pacific retail sales up 34%. Newly acquired stores in Australia and Sweden were said to be performing well.

UK sales were in line with last year "due to the impact of the broader economic environment", the company said. 

Total franchise and wholesale revenue was up 5% against the same period last year, excluding stores now reported within the company's omni-channel revenue.

The update was included in the Mulberry annual report, which has been published today ahead of its AGM, which takes place at its Kensington HQ on 7 September.

The report recaps the company's annual results in the year to 1 April 2023 in which it posted group revenue up 4% to £159.1 million and reported profit before tax of £13.2m (2022: profit before tax £21.3m). The drop in profit was partly impacted by the closure of its Bond Street flagship store.

Mulberry has been one of the most vociferous supporters of the reinstatement of Tax Free shopping for visitors to the UK. Businesses, such as Burberry, Harvey Nichols and Harrods, have also been calling for Prime Minister Rishi Sunak to reinstate the benefit to stimulate sales for retailers and the wider economy. At present, they say, wealthy tourists are taking their spend to European capitals such as Paris and Milan