Business
Half Year Report
Half Year Report.
About this update from Mulberry Group Plc
[{"type":"text","content":"\n \nRNS Number : 4884Y Mulberry Group PLC 06 December 2017 \n\nMulberry Group plc\nResults for the six months ended 30 September 2017\n \nFurther Asia expansion, improved margin from reduced markdowns, increase in cash position\n \nMulberry Group plc (\"the Group\" or \"Mulberry\"), the British luxury brand, announces results for the six months ended 30 September 2017.\n \nOPERATING HIGHLIGHTS\n· New venture agreed with Onward Global Fashion Co., Limited (\"OGF\") to develop the business in Japan, with an initial presence of four stores established in key locations\n· Newly introduced products have continued to gain momentum with the Group's existing and new customers with the Amberley bag becoming an instant bestseller\n· A steady performance has been achieved in the UK with an increase in tourist spending in London\n \nFINANCIAL HIGHLIGHTS\n· Total revenue was £74.6 million (2016: £74.5 million), with Retail sales up 2% and like-for-like sales down 1%\n· Gross margin increased 248 basis points (up £1.9 million) due to full price focus and lower markdown sales \n· The Group's cash balances increased to £16.4 million (2016: £11.3 million) after higher investment levels\n· Operating performance was in line with last year, with loss before tax of £0.6 million (2016: £0.5 million)\n \nCURRENT TRADING\n· In Japan, the shareholder agreement was signed and one further store opened, bringing the total to five\n· Retail like-for-like sales up 1% for the 10 weeks to 2 December, with International up 12% and Digital up 9% \n \nTHIERRY ANDRETTA, CHIEF EXECUTIVE OFFICER, COMMENTED:\n \n\"We are delivering on our strategy to grow Mulberry as a global luxury brand. Our international platform is taking shape and we have seen a successful initial trading period in Japan through our collaboration with OGF.\nOur focus on full price sales growth has delivered good results with new designs proving popular with customers. The Amberley bag, launched during June 2017, has already become a bestseller.\n \nWe continue to invest in...