Mulberry Group Plc · LSE:MUL
Mulberry — H1 2024/25 Earnings Presentation
17 slides from Mulberry's earnings presentation, Sep 28, 2024
Slide 1: Results for the Twenty Six Weeks Ended 28 September 2024
MULBERRY GROUP PLC – RESULTS FOR THE T WENT Y SIX WEEKS ENDED 28 SEPTEMBER 2024
Slide 2: Contents
RESULTS FOR THE T WENT Y SIX WEEKS ENDED 28 SEP TEMBER 2024 Contents Highlights 3 APPENDIX 14 Current Trading 4 Store Detail 15 Revenue by Product 16 FINANCIAL REVIEW 5 Revenue 6 International Revenue 8 Omni-Channel Revenue 9 Group Income Statement 10 Group Balance Sheet 11 Group Cash Flow 12 Capita
Slide 3: Highlights
RESULTS FOR THE T WENT Y SIX WEEKS ENDED 28 SEP TEMBER 2024 Highlights FINANCIAL HIGHLIGHTS OPER ATING HIGHLIGHTS — Group revenue down 19% to £56.1m (2023: £69.7m) — Digital performance continued to be robust, with sales representing 33% of Group revenue (2023: 29%) • UK retail sales decreased 14% t
Slide 4: Current Trading
RESULTS FOR THE T WENT Y SIX WEEKS ENDED 28 SEP TEMBER 2024 Current Trading — The wider macro-economic environment, including ongoing inflationary pressures, continues to present uncertainty and challenges — We continue to take appropriate cost actions and manage inventory levels to ensure they alig
Slide 5: Financial Review
Financial Review
Slide 6: Revenue
RESULTS FOR THE T WENT Y SIX WEEKS ENDED 28 SEP TEMBER 2024 Revenue — Group revenue decreased by 19% in the period, with a decline in both Q1 (-16%) and Q2 (-24%) on the same period last year. During Q2, trade continued to face challenges within all regions, as uncertain macroeconomic trends continu
Slide 7: Revenue
RESULTS FOR THE T WENT Y SIX WEEKS ENDED 28 SEP TEMBER 2024 Revenue 26 WEEKS 26 WEEKS DIREC T TO CUSTOMER £ MILLION ENDED ENDED % CHANGE 28 SEPT 2024 30 SEPT 2023 2024.25 2023.24 2022.23 DIGITAL 18.4 20.3 (9%) STORES 32.3 39.4 (18%) RETAIL (OMNI-CHANNEL) 50.7 59.7 (15%) FRANCHISE AND WHOLESALE 5.4 1
Slide 8: International Revenue
RESULTS FOR THE T WENT Y SIX WEEKS ENDED 28 SEP TEMBER 2024 International Revenue INTERNATIONAL MIX (AS A PROPORTION OF GROUP REVENUE) — International retail sales represented 38% of our total retail sales in the period (2023: 39%) — In Asia Pacific, retail sales declined 31% to £9.3m (2023: £13.5m)
Slide 9: Omni-Channel Revenue
RESULTS FOR THE T WENT Y SIX WEEKS ENDED 28 SEP TEMBER 2024 Omni-Channel Revenue 26 WEEKS ENDED 26 WEEKS ENDED — Digital sales were 33% (2023: 29%) of Group revenue in the period, reflecting £ MILLION % CHANGE the ongoing strength of this channel, and our omni-channel approach 28 SEPT 2024 30 SEPT 2
Slide 10: Group Income Statement
RESULTS FOR THE T WENT Y SIX WEEKS ENDED 28 SEP TEMBER 2024 Group Income Statement — Operating expenses decreased by 16% to £50.7m (2023: UNAUDITED UNAUDITED AUDITED 26 WEEKS ENDED 26 WEEKS ENDED 52 WEEKS ENDED £60.0m) and underlying operating expenses decreased £ MILLION 28 SEPT 2024 30 SEPT 2023 3
Slide 11: Group Balance Sheet
RESULTS FOR THE T WENT Y SIX WEEKS ENDED 28 SEP TEMBER 2024 Group Balance Sheet — Net working capital, which comprises inventories, trade and UNAUDITED UNAUDITED AUDITED 28 SEPTMEBER 30 SEPTMEBER 30 MARCH other receivables and trade and other payables decreased £ MILLION 2024 2023 2024 by £23.7m to
Slide 12: Group Cash Flow
RESULTS FOR THE T WENT Y SIX WEEKS ENDED 28 SEP TEMBER 2024 Group Cash Flow — The net increase in cash and cash equivalents of UNAUDITED UNAUDITED AUDITED 26 WEEKS ENDED 26 WEEKS ENDED 52 WEEKS ENDED £1.7m (2023: decrease of £0.9m) included a £2.5m £ MILLION 28 SEPT 2024 30 SEPT 2023 30 MARCH 2024 d
Slide 13: Capital Expenditure
RESULTS FOR THE T WENT Y SIX WEEKS ENDED 28 SEP TEMBER 2024 Capital Expenditure £ MILLION — During the period we continued to invest, including 1.0 5.1 4.9 £1.0m (2023/24: £5.1m) of capital expenditure and £0.8m (2022/23: £3.3m) of SaaS costs shown within operating costs — This spend supports invest
Slide 14: Appendix
RESULTS FOR THE T WENT Y SIX WEEKS ENDED 28 SEP TEMBER 2024 Appendix 14
Slide 15: Store Detail
RESULTS FOR THE T WENT Y SIX WEEKS ENDED 28 SEP TEMBER 2024 Store Detail DEPARTMENT TOTAL AT DEPARTMENT TOTAL AT DEPARTMENT CHANGES FROM FREE STANDING FREE STANDING FREE STANDING SHOP-IN-SHOP 28 SEPT 2024 SHOP-IN-SHOP 30 MARCH 2024 SHOP-IN-SHOP 30 MARCH 2024 UK 16 12 28 16 25 41 – (13) (13) EUROPE 5
Slide 16: Revenue by Product
RESULTS FOR THE T WENT Y SIX WEEKS ENDED 28 SEP TEMBER 2024 Revenue by Product 2024.25 2023.24 2022.23 BAGS 5% 6% 5% ACCESSORIES, SMALL LEATHER GOODS & GIFTS 14% 13% 15% OTHERS 81% 81% 80% 80% Islington Bucket Pimlico Chain Necklace Bayswater Bauble Nubuck Plated Brass Red Glass Ebony Gold Scarlet 1
Slide 17: Slide 17