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Profits jump at Mulberry

Profit before tax at Mulberry increased 21% to £7.5m for the year to 31 March, driven by strong online sales and international growth.

Total revenue was up 8% to £161.1m, while online sales increased by 19% year on year and now represent 15% of total sales, up from 14% in 2016. New websites were launched in China and Korea during the year.

The firm also established an Asian entity, Mulberry (Asia) Limited, to develop the brand in China, Hong Kong and Taiwan.

Like-for-like sales across all channels were up 5%.

Inventory was reduced to £42.8m from £44.4m and the business had cash of £21.1m at the end of the period, up from £14m.

New stores opened in Shanghai in April and in Hong Kong in May this year.

Like-for-like sales, including online, were up 1% for the 10 weeks to 3 June 2017.

Thierry Andretta, chief executive at Mulberry, said: “During the year we have made good progress. Our sales and profits are growing, enhancing our strong cash position.

“We have advanced our international growth strategy with a new partnership in Asia and the continued expansion of our omnichannel offer in key markets. We have generated strong creative momentum with new products that are well received by our existing and new customers.

Looking ahead, we will continue to invest in advancing our international development and increasing Mulberry’s relevance to our customers’ rapidly evolving lifestyle.”

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