Slide 1: Results for the 52 Weeks Ended 30 March 2024
MULBERRY GROUP PLC – RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024
Slide 2: Contents
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Contents Highlights 3 STR ATEGY OVERVIEW 14 Current Trading 4 Strategy — Our 4 Strategic Pillars 15 Strategic Pillar 1 — Omni-Channel Distribution 16 FINANCIAL REVIEW 5 Strategic Pillar 2 — International Development 17 Revenue 6 Strategic Pillar
Slide 3: Highlights
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Highlights FINANCIAL HIGHLIGHTS OPER ATING HIGHLIGHTS — Group revenue down 4% to £152.8m (2023: £159.1m) with — Digital sales represented 33% of Group revenue (2023: 30%). increased revenues in the first half offset by a challenging — Inventory
Slide 4: Current Trading
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Current Trading — Group revenue for the 25 weeks since the period end is 18% below the same period last year. — Retail revenue is down 14% with all regions continuing to be challenged by the ongoing macro-economic uncertainty. • International re
Slide 5: Financial Review
Financial Review
Slide 6: Revenue
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Revenue — Group revenue for the period decreased by 4% over the prior period, with the increased revenues in the first half being offset by a challenging second half which saw revenues reduce by 12% for the same period. — UK retail revenue was 3
Slide 7: Revenue
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Revenue 52 WEEKS 52 WEEKS DIREC T TO CUSTOMER £ MILLION ENDED ENDED % CHANGE 30 MARCH 2024 1 APRIL 2023 2023.24 2022.23 2021.22 DIGITAL 50.6 48.4 4% STORES 84.1 85.8 (2%) RETAIL (OMNI-CHANNEL) 134.7 134.2 0% FRANCHISE AND WHOLESALE 18.1 24.9 (27
Slide 8: International Revenue
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 International Revenue INTERNATIONAL MIX (AS A PROPORTION OF GROUP REVENUE) — International sales increased to 44% of total group sales (2022.23: 43%) driving revenue of £66.7m (2022.23: £68m). — Asia Pacific digital sales decreased by 10% driven
Slide 9: Omni-Channel Revenue
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Omni-Channel Revenue — Digital sales were 33% (2023: 30%) of Group revenue in the period, reflecting £ MILLION 2024 2023 % CHANGE the ongoing strength of this channel, and our omni-channel approach. — Global digital sales were 4% higher than 202
Slide 10: Group Income Statement
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Group Income Statement — Other operating expenses in the period increased by 19% to £128.9m AUDITED AUDITED 52 WEEKS ENDED 52 WEEKS ENDED (2023: £108.5m), with underlying operating expenses also increasing by £ MILLION 30 MARCH 2024 1 APRIL 2023
Slide 11: Group Balance Sheet
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Group Balance Sheet — Net working capital, which comprises inventories, trade and other AUDITED AUDITED 52 WEEKS ENDED 52 WEEKS ENDED receivables and trade and other payables decreased by £14.7m to £ MILLION 30 MARCH 2024 1 APRIL 2023 £25.3m at
Slide 12: Group Cash Flow
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Group Cash Flow — The net increase in cash and cash equivalents of £0.5m (2023: AUDITED AUDITED 52 WEEKS ENDED 52 WEEKS ENDED decrease of £19.0m) included a £11.0m drawdown of the Group’s £ MILLION 30 MARCH 2024 1 APRIL 2023 revolving credit fac
Slide 13: Capital Expenditure
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Capital Expenditure £ MILLION — During the period we continued to invest including £5.2 £11.0 £10.5 £10.5m (2023: £11.0m) of capital expenditure and £5.2m (2023: £4.0m) of SaaS costs. — This spend supports investment in our omni-channel distribu
Slide 14: Strategy Overview
Strategy Overview 14
Slide 15: Strategy — Our 4 Strategic Pillars
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 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
Slide 16: Strategic Pillar 1 — Omni-Channel Distribution
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Strategic Pillar 1 — Omni-Channel Distribution — Mulberry has worked hard over the past 12 months to ensure our omni- channel distribution strategy delivers what our customer wants where they want it when they want it. Progress is illustrated by
Slide 17: Strategic Pillar 2 — International Development
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Strategic Pillar 2 — International Development — The past year saw Mulberry continue to focus on growing across markets. This demands a bespoke approach to individual markets, with carefully planned store openings, refurbishments, partnerships,
Slide 18: Strategic Pillar 3 — Constant Innovation
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Strategic Pillar 3 — Constant Innovation — Product innovation is a crucial part of how Mulberry continues to excite and inspire customers. New materials, collaborations, and designs help reach new markets and retain the interest of existing cust
Slide 19: Strategic Pillar 4 — Sustainable Lifecycle
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Strategic Pillar 4 — Sustainable Lifecycle Sustainability has always been a fundamental principle at Mulberry. It inspired — Collaboration in the industry remains important, and we remain members our Made to Last Manifesto, launched in 2021, and
Slide 20: Current Trading & Outlook
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Current Trading & Outlook The macro-economic environment worldwide has not improved since the period-end 25 weeks ago and the business does not envisage a let up in the near term. Group revenue is down 18% over the first 25 weeks versus the same
Slide 21: Appendix
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Appendix 21
Slide 22: Store Detail
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Store Detail DEPARTMENT TOTAL FULL YEAR TOTAL FULL YEAR CHANGES FROM FREE STANDING SHOP-IN-SHOP 30 MARCH 2024 1 APRIL 2023 1 APRIL 2023 UK 16 25 41 40 1 EUROPE 5 3 8 8 _ OWN STORES NORTH AMERICA 4 7 11 9 2 ASIA PACIFIC 23 18 41 43 (2) Japan – Gi
Slide 23: Revenue by Product
RESULTS FOR THE FIF T Y T WO WEEKS ENDED 30 MARCH 2024 Revenue by Product 2024 2023 2022 BAGS 5% 7% 6% ACCESSORIES, SMALL LEATHER GOODS & GIFTS 15% 14% 16% OTHERS 80% 79% 77% 80% 23
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