Business
Results for the six months ended 30 September 2018
Results for the six months ended 30 September 2018.
About this update from Mulberry Group Plc
[{"type":"text","content":"\n \nRNS Number : 5526G Mulberry Group PLC 07 November 2018 \n\nMulberry Group plc\nResults for the six months ended 30 September 2018\n \nInternational strategy delivering results, UK market remains challenging\n \nMulberry Group plc (\"the Group\" or \"Mulberry\"), the British luxury brand, announces unaudited results for the six months ended 30 September 2018.\n \nFINANCIAL SUMMARY\n· Total Revenue down 8% to £68.3 million (2017: £74.6 million) \n· International Retail sales up 13%\n· UK business profitable but affected by House of Fraser administration and soft retail conditions, UK Retail sales down 11%\n· Global Digital Retail sales up 5%, representing 17% of sales (2017: 14%)\n· Underlying loss before tax* of £3.6 million (2017: loss £0.6 million). After one-off costs for House of Fraser (£2.1 million) and Korea launch (£2.5 million), reported loss before tax £8.2 million (2017: loss £0.6 million)\n· Net cash of £12.1 million at the end of the period (2017: £16.4 million)\n \nOPERATING HIGHLIGHTS\n· New Korea and Japan entities complete Asia with own Retail network expanded to 29 stores (2017: 1 store)\n· New Digital partnerships established in China with Toplife, Secoo and VIP.com; further agreements planned\n· UK flagship store opened on Regent Street during September featuring new Mulberry concept \n· New eyewear licence agreement signed with De Rigo Vision launching during Spring 2019\n \nCURRENT TRADING AND OUTLOOK\n· UK Retail like-for-like sales down 7% for 6 weeks to 3 November\n· Concession agreement signed with John Lewis & Partners, previously wholesale \n· The Group anticipates an underlying profit before tax* for year to 31 March 2019, excluding one-off costs\n \nTHIERRY ANDRETTA, CHIEF EXECUTIVE OFFICER, COMMENTED:\n \n\"We are delivering on the strategy to develop Mulberry as a global luxury brand with new subsidiaries in Korea and Japan, the creation of Digital partnerships in Ch...