Slide 1: Investor presentation: Results for the year ended 31 March 2011
Investor presentation MAIN TITLE ResultsSUBTITLE HEREended for the year 31 March 2011
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Slide 3: About Mulberry
ABOUT MULBERRY – A British fashion brand rooted in craft –A n accessible luxury brand, particularly appealing in the current climate –A brand that marries credibility with authenticity and longevity –A confident brand that consistently expresses its own personality 2
Slide 4: Highlights of the year ended 31 March 2011
HIGHLIGHTS OF THE YEAR ENDED 31 MARCH 2011 FINANCIAL HIGHLIGHTS – Revenues increased by 69% to £121.6 million (2010: £72.1 million) – Retail sales up 44% to £73.5 million, like-for-like up 43% – Wholesale shipments to third-parties up 130% to £48.1 million – Profit before tax up 358% to £23.3 millio
Slide 5: 8 year revenue and profit development
8 YEAR REVENUE AND PROFIT DEVELOPMENT £million 140 120 100 80 60 40 20 0 2004 2005 2006 2007 2008 2009 2010 2011 Revenue Profit Before Tax 4
Slide 6: Revenue analysis by channel
REVENUE ANALYSIS BY CHANNEL ( value of sales) UK Retail £65.4m (54%) International Retail £8.1m (7%) International Retail £3.9m (5%) International International Partner stores £6.6m Partner stores (9%) £17.2m (14%) International Wholesale £6.1m (8%) UK Wholesale International £8.3m (12%) Wholesale £
Slide 7: Revenue analysis by region
REVENUE ANALYSIS BY REGION ( value of SALES) Other £1.8m (1%) North America £5.2m (4%) Other £1.2m (2%) North America £2.3m Asia £15.5m (13%) (3%) Asia £3.7m (5%) Europe £9.4m (13%) Europe £18.1m (15%) UK £55.5m (77%) UK £81.0m (67%) 2009/10 2010/11 6
Slide 8: Revenue analysis by product
REVENUE ANALYSIS BY Product ( value of SALES) Other £1.4m (1%) Shoes £0.9m (1%) Apparel £3.1m (3%) Other £1.2m (2%) Luggage £7.6m (6%) Shoes £0.8m (1%) Apparel £2.1m (3%) Luggage £5.1m Small leather (7%) goods and gifts £16.4m (13%) Small leather goods and gifts £11.7m (16%) Bags £51.2m (71%) Bags £
Slide 9: 50 New Bond Street
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Slide 10: Retail performance year ended 31 March 2011
RETAIL PERFORMANCE YEAR ENDED 31 MARCH 2011 Total revenue Growth LFL Growth £million % % UK Full Price stores 46.0 +48% +47% France Full Price stores 1.5 +151% +231% Netherlands Full Price store 0.2 n/a n/a USA Full Price stores 3.2 +122% +122% Online (Note 1) 9.2 +64% +64% Total Full Price 60.1 +55
Slide 11: Worldwide retail footprint March 2011
WORLDWIDE RETAIL FOOTPRINT MARCH 2011 Department Store Free Standing Total Changes Shop-in-Shop Stores 2010/11 Own Stores UK Full Price - 9 9 - UK Airport - 5 5 - UK Off Price - 4 4 - UK Concessions 26 - 26 - France - 1 1 - Netherlands 1 - 1 +1 USA - 2 2 - Total Own Stores 27 21 48 +1 Partner Scandi
Slide 12: New store openings during 2010/11
NEW STORE OPENINGS DURING 2010/11 Own stores – New concession in De Bijenkorf, Amsterdam opened on 23 November 2010 – Relocated New Bond Street store opened on 1 December 2010 –Relocation of Manchester store to new Spinningfields mall opened on 8 December 2010 International partner stores – The Pear
Slide 13: Wholesale shipments to third parties year ended 31 March 2011
WHOLESALE SHIPMENTS TO THIRD PARTIES YEAR ENDED 31 MARCH 2011 Year ended Compared AW11 to date to 31 March 2011 to prior year vs. AW10 final £million % % Europe 30.4 +91% +16% Asia (Note 1) 14.8 +319% +93% North America 1.2 +258% -10% Other (Note 2) 1.7 +54% +164% Total 48.1 +130% +38% Note 1 – Asia
Slide 14: Capital expenditure analysis
CAPITAL EXPENDiTURE ANALYSIS 2010/11 £million Actual H1 Actual H2 Total New store expenditure 0.5 3.6 4.1 Kensington Church Street (Note 1) 0.6 6.4 7.0 Factory extension / improvements 0.4 0.5 0.9 Systems development 0.3 0.3 0.6 France and USA showrooms – 0.3 0.3 Other 0.2 0.2 0.4 Total 2.0 11.3 13.
Slide 15: Current trading and outlook
CURRENT TRADING AND OUTLOOK – Retail sales up 38% for the 10 weeks to 4 June 2011, like-for-like up 42% – Like-for-like UK Retail sales in full price stores and department store concessions up by 33% for the 10 weeks to 4 June 2011 – Autumn/Winter 2011 third-party orders already 38% ahead of Autumn/
Slide 16: Digital offering
DIGITAL OFFERING – Online store now delivers 8% of total revenue (£9.2 million) –Bespoke new e-commerce platform and website to launch in 2011/12 – Local-language websites planned for Asia –Richer online customer experience through social media and the Mulberry blog – Interactive marketing campaigns
Slide 17: Priorities for the future
PRIORITIES FOR THE FUTURE – Accelerate the Mulberry brand roll-out internationally – Protect our brand and its differentiation – Stay true to our brand values – Develop new product categories – Attract and retain the best talent – Develop a distinctive and authentic online voice – Invest in infrastr
Slide 18: Appendices
APPENDICES 17
Slide 19: Summary of results: income statement
SUMMARY OF RESULTS FOR THE YEAR ENDED 31 MARCH 2011 INCOME STATEMENT £million 31 March 31 March Variance 2011 2010 Revenue 121.6 72.1 +69% Gross profit 79.5 42.5 +87% Gross margin 65.4% 59.0% +11% Exceptional items (0.1) (1.0) -90% Other administrative expenses (net) (56.4) (36.6) +54% Operating pro
Slide 20: Summary of results: balance sheet
SUMMARY OF RESULTS FOR THE year ENDED 31 MARCH 2011 BALANCE SHEET £million 31 March 2011 31 March 2010 Fixed assets and investments 20.6 10.8 Inventories 22.4 9.1 Trade and other receivables 12.2 8.2 Cash 21.4 12.2 Current liabilities (34.6) (13.8) Shareholders’ funds 42.0 26.5 19
Slide 21: Contacts
CONTACTS Pelham Bell Pottinger Daniel de Belder 020 7861 3881 Lucy Frankland 020 7861 3885 Altium Capital Ben Thorne 020 7484 4076 Melanie Szalkiewicz 020 7484 4187 mulberry.com facebook.com/mulberry blog.mulberry.com 20
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