Mulberry Group Plc · LSE:MUL
Mulberry — FY2021/22 Earnings Presentation
22 slides from Mulberry's earnings presentation, Apr 2, 2022
Slide 1: Results for the 53 weeks ended 2 April 2022
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 MULBERRY GROUP PLC – RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022
Slide 2: Contents
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Contents Highlights 3 STR ATEGY OVERVIEW 13 Current Trading 4 Strategy — Our 4 Strategic Pillars 14 Strategic Pillar 1 — Omni-channel Distribution 15 FINANCIAL REVIEW 5 Strategic Pillar 2 — International Development 15 Revenue 6 Strategic Pillar 3 — Consta
Slide 3: Highlights
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Highlights FINANCIAL HIGHLIGHTS OPER ATING HIGHLIGHTS — Group revenue up 32% to £152.4m (2020.21: £115.0m) — Improved margins due to strategic focus on full price sales reflecting strong recovery post COVID-19 and increased volume efficiencies — Gross marg
Slide 4: Current Trading
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Current Trading CURRENT TR ADING FOR THE 12 WEEKS FROM 3 APRIL 2022 — Group revenue for the first 12 weeks of the new financial year is 5% ahead of last year, supported by our wholesale business up 29%. Omni-channel (retail and digital) revenue is down 1%,
Slide 5: Financial Review
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Financial Review 5
Slide 6: Revenue
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Revenue £ MILLION 2021/22 2020/21 % CHANGE — Our results for the 53 weeks ended 2 April 2022 reflect our strong recovery post COVID-19, increased demand following the easing of DIGITAL 47.5 56.4 (16%) restrictions and a strategic focus on full price sales
Slide 7: International Revenue
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 International Revenue INTERNATIONAL MIX (AS A PROPORTION OF GROUP REVENUE) International retail sales increased by 20% to £40.4m (2020.21: £33.8m) representing 31% of retail revenue — Asia Pacific retail sales increased 28%, driven by ongoing 2021/22 2020/
Slide 8: Digital Revenue
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Digital Revenue — Despite digital sales being 16% lower than 2020.21 primarily £ MILLION 2021/22 2020/21 % CHANGE due to the recovery of stores in the UK, they have remained above pre-COVID sales levels up 31% UK 35.7 44.6 (20%) — As outlet stores reopened
Slide 9: Group Income Statement
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Group Income Statement AUDITED AUDITED 53 WEEKS ENDED 52 WEEKS ENDED 2 APRIL 2022 27 MARCH 2021 £ MILLION UNDERLYING ADJUSTING ITEMS REPORTED UNDERLYING ADJUSTING ITEMS REPORTED REVENUE 152.4 - 152.4 115.0 - 115.0 GROSS PROFIT 109.3 - 109.3 73.1 - 73.1 IMP
Slide 10: Group Balance Sheet
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Group Balance Sheet — Period end Group net cash increased to £25.7m (2020.21: £11.8m) AUDITED AUDITED — Increase in inventories since 27 March 2021 £36.8m (2020.21: £ MILLION 2 APRIL 2022 27 MARCH 2021 £31.5m) with increased inventories of raw materials to
Slide 11: Group Cash Flow
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Group Cash Flow AUDITED AUDITED 53 WEEKS ENDED 52 WEEKS ENDED £ MILLION 2 APRIL 2022 27 MARCH 2021 — The net increase in cash and cash equivalents of £13.9m (2020.21: £4.2m) comprises cash received on exit of the Paris lease, and working capital benefits,
Slide 12: Capital Expenditure
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Capital Expenditure £ MILLION — Capital expenditure during the period related to opening and refurbishments of stores and further investment in digital. A larger proportion of expenditure is within the international markets (59%) 14 £5.3 £4.1 £6.4 £11.9 12
Slide 13: Strategy Overview
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Strategy Overview 13
Slide 14: Strategy — Our 4 Strategic Pillars
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Strategy — Our 4 Strategic Pillars OUR AIM IS TO BUILD MULBERRY AS A SUSTAINABLE GLOBAL LUXURY BR AND THROUGH FOUR STR ATEGIC PILL ARS INTE ION RN B UT AT T RI IO IS N D A L L E D N EV N HA EL OP I-C ME OMN NT E CO CL NS CY TA FE N LI N T L E N B I O A V
Slide 15: Strategic Pillars 1 and 2 — Omni-channel Distribution, International Development
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Strategic Pillar 1 Strategic Pillar 2 — Omni-channel Distribution — International Development STR ATEGY: STR ATEGY: Aiming to enhance our customers’ experience, our single global We are optimising our digital channels and global store network, approach to
Slide 16: Strategic Pillar 3 — Constant Innovation
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Strategic Pillar 3 — Constant Innovation STR ATEGY: We are always looking to work with new materials, and methods of creation and production, to adapt to changing customer tastes and to meet demand. At the same time, we are adding new services and transfor
Slide 17: Strategic Pillar 4 — Sustainable Lifecycle
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Strategic Pillar 4 — Sustainable Lifecycle STR ATEGY: Our Made to Last manifesto sets us apart, and we extend the life of all our products through our Lifetime Service Centre, buy- back offer and The Mulberry Exchange. We aim for our business to be regener
Slide 18: Our aim is to continue to build Mulberry as a sustainable global luxury brand
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Our aim is to continue to build Mulberry as a sustainable global luxury brand through four strategic pillars: - Omni-channel distribution - International development - Constant innovation - Sustainable lifecycle Trading since the start of the financial per
Slide 19: Appendix
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Appendix 19
Slide 20: Store Detail
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Store Detail DEPARTMENT TOTAL CHANGES FROM TOTAL FREE STANDING SHOP-IN-SHOP 2 APRIL 2022 31 MARCH 2021 31 MARCH 2021 UK 16 24 40 -5 45 EUROPE 2 0 2 -3 5 OWN STORES NORTH AMERICA 5 1 6 1 5 ASIA PACIFIC 17 20 37 3 35 New York - Wooster Street Store TOTAL OWN
Slide 21: Revenue by Product
RESULTS FOR THE 53 WEEKS ENDED 2 APRIL 2022 Revenue by Product 2021/22 2020/21 2019/20 BAGS 7% 8% 15% ACCESSORIES, SMALL LEATHER GOODS & GIFTS 19% 22% OTHER 8% 77% 74% 71% Softie in White Pillow Effect Penelope Bio Acetate Sunglasses Hand-Painted Square Scarf in Mulberry Nappa Leather in Tortoiseshe
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