Mulberry Group Plc · LSE:MUL
Mulberry — H1 2021/22 Earnings Presentation
21 slides from Mulberry's earnings presentation, November 2021
Slide 1: Results for the Twenty-Six Weeks Ended 25 September 2021
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 MULBERRY GROUP PLC – RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021
Slide 2: Contents
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 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 Pi
Slide 3: Highlights
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Highlights FINANCIAL HIGHLIGHTS OPER ATING HIGHLIGHTS — Group revenue increased 34% to £65.7m (2020: £48.9m) — Business and infrastructure responded well to increased demand following easing of COVID-19 restrictions — Profit before tax of £1
Slide 4: Current Trading
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Current Trading — Retail revenue in the 8 weeks to 20 November 2021 increased 35% compared to the same period last year — Gross margin in the second half is expected to be similar to, or slightly higher than, the 67% achieved in the second h
Slide 5: Financial Review
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Financial Review
Slide 6: Revenue
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Revenue £ MILLION 2021 2020 % CHANGE — Group revenue increased by 34% and was 3% above the same period in 2019 (pre COVID-19) on a comparable basis (adjusting for store openings DIGITAL 19.1 23.4 (19%) and closures). In the UK, total retail
Slide 7: International Revenue
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 International Revenue INTERNATIONAL MIX (AS A PROPORTION OF GROUP REVENUE) — International retail sales increased 18% to £17.6m (2020: £14.9m) representing 32% of retail revenue (2020: 35%) — Asia Pacific retail sales increased 23%, driven b
Slide 8: Digital Revenue
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Digital Revenue — Along with a strong recovery in stores in the UK, digital sales have also £ MILLION 2021 2020 % CHANGE remained above pre-COVID sales levels at 34% (2020: 29%), reflecting the ever-increasing importance of this channel in t
Slide 9: Group Income Statement
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Group Income Statement — The Group’s reported profit before tax for the UNAUDITED UNAUDITED AUDITED 26 WEEKS ENDED 26 WEEKS ENDED 52 WEEKS ENDED period was £10.2m (2020: loss before tax of £ MILLION 25TH SEPTEMBER 26 SEPTEMBER 2020 27 MARCH
Slide 10: Group Balance Sheet
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Group Balance Sheet — There has been a slight increase in inventories AUDITED UNAUDITED UNAUDITED 27 MARCH 2021 since 27 March 2021 with increased inventories £ MILLION 25 SEPTEMBER 2021 26 SEPTEMBER 2020 £’000 of raw materials to protect th
Slide 11: Group Cash Flow
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Group Cash Flow — The net increase in cash and cash equivalents per UNAUDITED UNAUDITED AUDITED 26 WEEKS ENDED 26 WEEKS ENDED 52 WEEKS ENDED the cash flow statement of £18.5m (2020: £0.6m) £ MILLION 25 SEPTEMBER 2021 26 SEPTEMBER 2020 27 MAR
Slide 12: Capital Expenditure
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Capital Expenditure £ MILLION — Capital expenditure during the period related to opening and refurbishments of stores and further investment in digital. A larger proportion of the £2.1m expenditure is within the international markets 14 £2.1
Slide 13: Strategy Overview
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Strategy Overview
Slide 14: Strategy — Our Strategic Pillars
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Strategy — Our 4 Strategic Pillars OUR AIM IS TO BUILD MULBERRY AS A SUSTAINABLE GLOBAL LUXURY BR AND THROUGH FOUR STR ATEGIC PILL ARS N INTE U TIO RN AT IB IO TR N IS A D L EL D N EV AN EL ICH OP OMN ME NT E CO CL NS CY TA FE N LI N T L E
Slide 15: Strategic Pillar 1 Omni-channel Distribution and Pillar 2 International Development
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Strategic Pillar 1 Strategic Pillar 2 — Omni-channel Distribution — International Development STR ATEGY: STR ATEGY: Through our omni-channel distribution model, we aim to enhance our customers’ We are optimising our digital channels and glob
Slide 16: Strategic Pillar 3 Constant Innovation and Pillar 4 Sustainable Lifecycle
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Strategic Pillar 3 Strategic Pillar 4 — Constant Innovation — Sustainable Lifecycle STR ATEGY: STR ATEGY: We continue to innovate with new services, new materials and methods of creation Mulberry products have been Made to Last from the outs
Slide 17: Our aim is to build Mulberry as a sustainable global luxury brand
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Our aim is 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 current fi
Slide 18: Appendix
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Appendix
Slide 19: Store Detail
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Store Detail DEPARTMENT TOTAL CHANGES FROM TOTAL FREE STANDING SHOP-IN-SHOP 25 SEPT 2021 31 MARCH 2021 31 MARCH 2021 UK 16 29 45 0 45 EUROPE 4 0 4 -1 5 OWN STORES NORTH AMERICA 4 1 5 0 5 ASIA PACIFIC 16 22 38 4 34 TOTAL OWN STORES 40 52 92 3
Slide 20: Revenue by Product
RESULTS FOR THE T WENT Y-SIX WEEKS ENDED 25 SEPTEMBER 2021 Revenue by Product INTERNATIONAL MIX (AS A PROPORTION OF GROUP REVENUE) 2021/22 (HALF YEAR) 2020/21 2019/20 4% BAGS 7% 7% 17% ACCESSORIES, SMALL LEATHER GOODS & GIFTS 19% 22% OTHERS 79% 74% 71% Alexa in Chestnut Penelope Bio Acetate Sunglass
Slide 21: Slide 21