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Mulberry posts 23% rise in sales

Mulberry has posted a 23% rise in sales for the year to March 31 as the luxury clothing and accessories house continues to grow its business internationally.

Sales reached £72.1m over the 12 month period. Pre-tax profit increased 22% to £5.1m.

Mulberry said its retail arm performed strongly throughout the year with total retail sales up 39% and like-for-like sales up by 35%.

Wholesale sales were broadly flat during the period, the company said, as customers remained wary about the economic outlook and ordered with caution for the autumn and spring 10 seasons. The luxury group said its wholesale sales are expected to grow as wholesale deliveries for autumn 10 are up 84% on last year.

Mulberry chairman and chief executive Godfrey Davis said: “We have achieved another year of strong sales growth, delivering an increase of 23% for the year. We have started the new financial year strongly. Current indications are that sales will grow more rapidly during the next financial year than the one just ended.”

Like-for-like sales in full price shops and department store concessions increased 44% for the first ten weeks of its new financial year.

Mulberry plans to continue international expansion, with the opening of a showroom in New York and in Paris. With partners it is set to open new stores in Sydney, Hong Kong, Korea, Qatar, Dubai and Kuala Lumpur during the next 12 months. The group still plans to open a flagship store on New Bond Street in London.

A new lease has been signed on a new London headquarters which will consolidate its two existing office locations and Mulberry said there are plans to extend its factory in Somerset by 25%.

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