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<\/div>\n\/\/<\/span> Mulberry posts 4% full year revenue increase to \u00a3159.1m despite pre-tax profits slumping<\/h6>\n\/\/\u00a0<\/span>Pre-tax profits fell 38% to \u00a313.2m, in part due to costs linked to the Bond Street closure<\/h6>\nMulberry\u2019s pretax profit slumped in the year, despite group revenue rising by 4% to \u00a3159m, as increasing costs weighed on performance.<\/p>\n
In the year to April, the luxury handbag retailer reported an underlying profit before tax of \u00a32.5m, down from \u00a314.6m last year as sales slipped to \u00a387.7m from \u00a388.5m.<\/p>\n
Pre-tax profits fell 38% to \u00a313.2m, in part due to costs linked to its Bond Street store which shuttered back in February. The firm said its first half of the year was impacted by the broader economic environment, however performance improved in the second half.<\/p>\n
\nChief executive Thierry Andretta told the Evening Standard there is \u201cno doubt\u201d the loss of VAT-free shopping is weighing on the company\u2019s UK performance, as its Asia Pacific arm saw sales rise 3% and the wider international sales saw a 12% boost.<\/p>\n<\/div>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\nHe noted Mulberry had made \u201csignificant investments\u201d, including its expansion in Sweden and Australia. \u201cWe are well set for the year ahead with the right strategy in place to deliver on our growth plans,\u201d he said.<\/p>\n
The business said its lower profit reflected higher expenses, which increased 26% year-on-year as it faced an extra \u00a33.8m on last year from its expansion into Sweden and Australia while staff costs increased 9% to \u00a344.2m.<\/p>\n
Andretta said: \u201cWe have delivered a positive Group performance this year thanks to our unique brand identity, beautiful innovative products and market-leading omni-channel proposition.\u201d<\/p>\n
Earlier this year, reports suggested Mike Ashley, who owns a 37% stake in the retailer, was attempting to force his way onto the board.<\/p>\n
Ashley was said to be frustrated with Mulberry\u2019s low sales and lack of transparency around its poor performing Asian business.<\/p>\n
Mulberry\u2019s pretax profit slumped in the year, despite group revenue rising by 4% to \u00a3159m, as increasing costs weighed on performance.<\/p>\n
In the year to April, the luxury handbag retailer reported an underlying profit before tax of \u00a32.5m, down from \u00a314.6m last year as sales slipped to \u00a387.7m from \u00a388.5m.<\/p>\n
Pre-tax profits fell 38% to \u00a313.2m, in part due to costs linked to its Bond Street store which shuttered back in February. The firm said its first half of the year was impacted by the broader economic environment, however performance improved in the second half.<\/p>\n
Chief executive Thierry Andretta told the Evening Standard there is \u201cno doubt\u201d the loss of VAT-free shopping is weighing on the company\u2019s UK performance, as its Asia Pacific arm saw sales rise 3% and the wider international sales saw a 12% boost.<\/p>\n<\/div>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span><\/p>\nHe noted Mulberry had made \u201csignificant investments\u201d, including its expansion in Sweden and Australia. \u201cWe are well set for the year ahead with the right strategy in place to deliver on our growth plans,\u201d he said.<\/p>\n
The business said its lower profit reflected higher expenses, which increased 26% year-on-year as it faced an extra \u00a33.8m on last year from its expansion into Sweden and Australia while staff costs increased 9% to \u00a344.2m.<\/p>\n
Andretta said: \u201cWe have delivered a positive Group performance this year thanks to our unique brand identity, beautiful innovative products and market-leading omni-channel proposition.\u201d<\/p>\n
Earlier this year, reports suggested Mike Ashley, who owns a 37% stake in the retailer, was attempting to force his way onto the board.<\/p>\n
Ashley was said to be frustrated with Mulberry\u2019s low sales and lack of transparency around its poor performing Asian business.<\/p>\n
He noted Mulberry had made \u201csignificant investments\u201d, including its expansion in Sweden and Australia. \u201cWe are well set for the year ahead with the right strategy in place to deliver on our growth plans,\u201d he said.<\/p>\n
The business said its lower profit reflected higher expenses, which increased 26% year-on-year as it faced an extra \u00a33.8m on last year from its expansion into Sweden and Australia while staff costs increased 9% to \u00a344.2m.<\/p>\n
Andretta said: \u201cWe have delivered a positive Group performance this year thanks to our unique brand identity, beautiful innovative products and market-leading omni-channel proposition.\u201d<\/p>\n
Earlier this year, reports suggested Mike Ashley, who owns a 37% stake in the retailer, was attempting to force his way onto the board.<\/p>\n
Ashley was said to be frustrated with Mulberry\u2019s low sales and lack of transparency around its poor performing Asian business.<\/p>\n