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Mulberry first-half sales return to pre-pandemic levels

By Huw Hughes

Nov 24, 2021

Management

Image: Mulberry, Facebook

British luxury handbag label Mulberry has reported sales in the first half of the year above pre-pandemic levels.

For the 26 weeks to September 25, group revenue came in at 65.7 million pounds, 34 percent higher than a year earlier, and 3 percent above the same period two years ago.

Retail sales recovered strongly in the UK as stores reopened, up 36 percent year-on-year to 38 million pounds, and 7 percent above 2019 levels.

In Asia-Pacific, retail sales were up 23 percent year-on-year to 11.8 million pounds, fuelled by a 38 percent increase in China.

Meanwhile, US retail sales increased 57 percent in the year to 3.3 million pounds.

UK factories help Mulberry avoid supply disruption

The increase in sales saw Mulberry swing to a profit before tax of 10.2 million pounds, compared to a loss of 2.4 million pounds a year earlier.

“I am proud of Mulberry’s performance during the period,” said CEO Thierry Andretta in a release.

“Our long-term strategy, namely our innovative and sustainable products made in our carbon-neutral Somerset factories, our market-leading omnichannel distribution model, and our expansion into Asia Pacific, has delivered a strong financial performance.”

Mulberry said its UK factories helped it navigate the supply chain issues plaguing the industry in recent months.

In terms of current trading, group retail revenue in the 8 weeks to November 20 increased 35 percent compared to the same period last year.