Mulberry<\/span><\/a> has announced that profits and sales will be ahead of expectations as it recovers faster from the pandemic than first thought.<\/strong><\/p>\nThe company said the robust sales trend delivered in the six months to September has continued into the second half of its financial year.<\/p>\n
Extra cash made will now be used to increase the fashion brand\u2019s marketing and advertising spend to further build brand awareness, Mulberry said.<\/p>\n
And even with the extra spending, profits will still be ahead of market expectations for the group, it added. Gross margins on products have been maintained, having hit 69% last year, compared with 59% in 2020.<\/p>\n
In November, the company revealed a 34% boost in sales to \u00a365.7 million for the six months to 25 September<\/strong>, with a \u00a32.4 million loss turned into a \u00a310.2 million pre-tax profit for the period.<\/p>\nBosses have been focusing on full-price sales and moving away from discounting, as pandemic restrictions ended.<\/p>\n
Asia has been a strong growth area for the brand, with rich shoppers from the Far East opting to spend cash locally instead of travelling to the UK and Europe.<\/strong><\/p>\nStrong sales in the US also helped Mulberry\u2019s post-COVID recovery and bosses said at the time that supply chain issues had been offset by stocking up on raw materials at its Somerset factories.<\/p>\n","protected":false},"excerpt":{"rendered":"
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Mulberry profits to be ahead of expectations - TheIndustry.fashion<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n