Slide 1: Preliminary Results for the Year Ended 31 March 2013
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2013
Slide 2: Highlights for the Year Ended 31 March 2013
HIGHLIGHTS FOR THE YEAR ENDED 31 MARCH 2013 RESULTS IN LINE WITH GUIDANCE GIVEN IN MARCH 2013 TOTAL REVENUE OF £165.1 MILLION (2012: £168.5 MILLION) ― Retail revenue up 8%, like-for-like up 6% ― Wholesale revenue down 16%, reflecting account rationalisation and destocking by Asian partners PROFIT BE
Slide 3: Agenda
AGENDA 1. STRATEGIC UPDATE 2. FINANCIAL REVIEW 3. CURRENT TRADING AND OUTLOOK 3
Slide 4: Strategic Update
STRATEGIC UPDATE 1 4
Slide 5: Long Term Strategic Themes
1. Strategic update 2. Financial review LONG TERM STRATEGIC THEMES GOOD PROGRESS ON OUR FOUR KEY THEMES 3. Current trading and outlook 1. REINFORCE LUXURY POSITIONING 2. INTERNATIONAL EXPANSION 3. PRODUCT DEVELOPMENT 4. LEVERAGE OPERATIONS TO SUPPORT GROWTH 5
Slide 6: 1. Reinforce Luxury Positioning
1. Strategic update 2. Financial review 1. REINFORCE LUXURY POSITIONING INITIATIVES IMPLEMENTED DURING 2012/13 3. Current trading and outlook Quality — Completed product quality enhancements, including leather and components sourcing and new production techniques — Appointed experienced resources in
Slide 7: 2. International Expansion
1. Strategic update 2. Financial review 2. INTERNATIONAL EXPANSION OPENED 17 NEW STORES IN THE YEAR TO 31 MARCH 2013 3. Current trading and outlook UK: 45 directly operated +3 +9 +4 NORTH AMERICA: ASIA 6 directly operated PACIFIC: EUROPE: 42 partner 8 directly operated 9 partner +1 MIDDLE EAST: 5 pa
Slide 8: 3. Product Development
1. Strategic update 2. Financial review 3. PRODUCT DEVELOPMENT HANDBAGS 3. Current trading and outlook CONTINUED CREATIVITY WITH EXOTIC SKINS Exotics £1,000 - £1,700 EXTENDED PRICE ARCHITECTURE New Offering <£1,000 REINFORCED CORE AND ENTRY LEVEL OFFERING, WITH ADDITIONAL LEATHER, COLOUR AND COMPONE
Slide 9: 3. Product Development
1. Strategic update 2. Financial review 3. PRODUCT DEVELOPMENT AN EXPANDED OFFER IN SELECTED CATEGORIES 3. Current trading and outlook ― Increased colour and style options for small leather goods, belts and fashion accessories launching in-store from June – September 2013 REVENUE BY PRODUCT Bags £12
Slide 10: 3. Product Development
1. Strategic update 2. Financial review 3. PRODUCT DEVELOPMENT REINFORCED MEN’S ACCESSORIES RANGE 3. Current trading and outlook — Men’s accessories represents an attractive opportunity for Mulberry — +50% more SKUs for AW13 compared to AW12 MATTHEW 24 HOUR BAG 10
Slide 11: 4. Leverage Operations to Support Growth
1. Strategic update 2. Financial review 4. LEVERAGE OPERATIONS TO SUPPORT GROWTH 3. Current trading and outlook 1. INVESTMENT IN TALENT ― Regional restructure ― Appointed MD for Europe and President for North America ― Added resources in creative design, quality and real estate 2. ON TRACK TO DOUBLE
Slide 12: 4. Leverage Operations to Support Growth
4. LEVERAGE OPERATIONS TO SUPPORT 1. Strategic update 2. Financial review GROWTH CAPITAL EXPENDITURE ANALYSIS FOR THE YEAR ENDED 31 MARCH 2013 3. Current trading and outlook 25 £12.4m £16.9m £20.0m 20 £0.8m £1.0m (£m) 15 £2.9m £2.9m £4.4m 10 £1.6m £8.8m £6.9m 5 0 Total 2011/12 Total 2012/13 Projecte
Slide 13: Financial Review
FINANCIAL REVIEW 2 13
Slide 14: Revenue by Channel
1. Strategic update 2. Financial review REVENUE BY CHANNEL VALUE OF SALES 3. Current trading and outlook £168.5m £165.1m RETAIL UP 8%, UP 6% LIKE-FOR- LIKE: £68.8m £57.9m ― UK up 6% (41%) (35%) ― International up 20% ― Online up 21% WHOLESALE DOWN 16%, £107.2m AFFECTED BY: £99.7m (65%) ― Account rat
Slide 15: Revenue by Region
1. Strategic update 2. Financial review REVENUE BY REGION VALUE OF SALES 3. Current trading and outlook £168.5m £165.1m CONTINUED GROWTH IN £3.1m UK/EUROPE £1.6m ― Weaker tourist sales £8.4m £8.1m ― Improved European wholesale £26.0m £19.6m channel through rationalisation £27.6m £27.7m USA AND ASIA
Slide 16: Revenue Progression
1. Strategic update 2. Financial review REVENUE PROGRESSION VALUE OF SALES 3. Current trading and outlook 180 £2.6m -£0.2m £4.9m £168.5m 160 -£10.7m £165.1m Revenue (£m) 140 120 100 2011/12 UK Retail International UK Wholesale International 2012/13 Retail Wholesale 16
Slide 17: Income Statement
1. Strategic update 2. Financial review INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2013 3. Current trading and outlook £ MILLION 31 MARCH 31 MARCH VARIANCE 2012 2013 Revenue 168.5 165.1 -2% Gross profit 111.5 104.5 -6% Gross margin 66.2% 63.3% Administrative expenses (net) (76.1) (79.0) +4% Operat
Slide 18: Balance Sheet
1. Strategic update 2. Financial review BALANCE SHEET AS AT 31 MARCH 2013 3. Current trading and outlook BALANCE SHEET (£ MILLION) 31 MARCH 31 MARCH VARIANCE 2012 2013 Fixed assets and investments 28.6 39.7 +39% Inventories 32.5 35.7 +10% Trade and other receivables 14.9 14.2 -5% Cash 27.3 21.9 -20%
Slide 19: Current Trading and Outlook
CURRENT TRADING AND OUTLOOK 3 19
Slide 20: Current Trading and Outlook
1. Strategic update 2. Financial review CURRENT TRADING AND OUTLOOK 3. Current trading and outlook CAUTIOUS OUTLOOK FOR YEAR AHEAD — Outlook for both retail and wholesale remains challenging due to heavy reliance on UK and European market CURRENT TRADING — Retail sales up 9% for the 10 weeks to 8 Ju
Slide 21: Contacts
CONTACTS PELHAM BELL POTTINGER 020 7861 3232 Daniel de Belder MULBERRY INVESTOR RELATIONS 0207 605 6771 Amelia Fincher ALTIUM 0207 484 4040 Ben Thorne Katie Hobbs BARCLAYS 020 7623 2323 Jon Bathard-Smith MULBERRY.COM blog.mulberry.com Twitter @mulberry_editor facebook.com/mulberry 21
Slide 22: Worldwide Retail Footprint: March 2013
APPENDIX WORLDWIDE RETAIL FOOTPRINT: MARCH 2013 Department store Free Standing Changes from Shop-in-Shop Stores Total 31 March 2012 Directly Operated Stores UK 26 19 45 - Europe 3 5 8 +4 USA - 6 6 +3 Total Own Stores 29 30 59 +7 Partner Stores Scandinavia - 9 9 - Other European* - - - -2 South Korea
Slide 23: Revenue by Region / Channel
APPENDIX REVENUE BY REGION / CHANNEL 2011/12 2012/13 £m £m Retail Wholesale Total Retail Wholesale Total UK 86.9 16.5 103.4 91.8 16.3 108.1 Europe 4.9 22.7 27.6 7.6 20.1 27.7 Asia 0.9 25.1 26.0 1.0 18.6 19.6 North America 6.9 1.5 8.4 6.7 1.4 8.1 Other 0.1 3.0 3.1 0.1 1.5 1.6 Total Revenue 99.7 68.8
Slide 24: Appendix: Bayswater
APPENDIX BAYSWATER 24
Slide 25: Appendix: Willow
APPENDIX WILLOW 25