Luxury brand and retailer Mulberry has reported a 358% rise in pre-tax profits to £23.3m for the year ended March 31, up from £5.1m in 2010.
Mulberry, which opened nine stores worldwide in the year to March 31, also said that sales increased 69% in the period to £121.6m up from £72.1m in 2010.
In the UK retail sales in Mulberry’s 44 stores and department store concessions increased for the year by 40%, or 39% on a like-for-like basis.
Retail sales from Mulberry’s own stores, department store concessions and website in the UK, France, the Netherlands and North America increased to £73.5m up by 44%, or 43% on a like-for-like basis, compared to the previous year.
Sales through the company’s website, www.mulberry.com, grew by 64% to £9.2m, accounting for 8% of total group sales, up from a total of 7% in 2010.
Internationally Mulberry continued to perform strongly with revenues growing 145% to £40.5m, up from £16.6m in 2010.
Chairman and chief executive Godfrey Davis said that Mulberry had delivered a “step-change” in profitability during the year.
Mulberry reported that trade in this year, its 40th anniversary year, so far continued to be strong with retail sales up 38% for the 10 weeks to June 4 with like-for-likes up 42% in the same period.
With five months selling left of the autumn 11 season Mulberry reports that third-party order are already 38% ahead of autumn 10 total orders.
“Strong demand in all markets has continued into the new financial year and the outlook for the Mulberry brand is positive,” said Davis. “While we remain cautious about the global economic environment, we are focused on accelerating our international expansion.”
As well as opening a new London headquarters on Kensington Church Street last year, Mulberry is also focused on expanding production capacity at its Somerset factory. The company said that this is already underway, creating 50 new manufacturing jobs and adding 30% to UK production capacity.
In February Mulberry called for tax breaks to support manufacturing in the UK.