Mulberry Group Plc · LSE:MUL
Mulberry — H1 2011/12 Earnings Presentation
23 slides from Mulberry's earnings presentation, December 2011
Slide 1: Investor presentation: Interim results for the six months ended 30 September 2011
Investor presentation MAIN TITLE SUBTITLE Interim results HERE for the six months ended 30 September 2011
Slide 2: Financial Review
FINANCIAL REVIEW 1
Slide 3: Highlights of the six months ended 30 September 2011
HIGHLIGHTS OF THE SIX MONTHS ENDED 30 SEPTEMBER 2011 Financial HIGHLIGHTS – Total revenues increased by 62% to £72.3 million (2010: £44.7 million) – Retail sales up 47%, like-for-like sales up 44% (2010: up 30% and like-for-like up 29%) – Wholesale shipments to third parties up 93%. Autumn/Winter 20
Slide 4: Summary of results: income statement
summary of results income statement for the six months ended 30 september 2011 30 September 30 September Variance £m 2011 2010 Revenue 72.3 44.7 +62% Gross Profit 47.8 28.5 +68% Gross margin 66.2% 63.9% Administrative expenses (net) (32.5) (23.0) +41% Exceptional costs – (1.0) n.a Operating profit (
Slide 5: Summary of results: balance sheet
summary of results BALANCE SHEET AS AT 30 september 2011 30 September 31 March 30 September £m 2011 2011 2010 Fixed assets and investments 24.1 20.6 11.8 Inventories 29.1 22.4 12.9 Trade and other receivables 13.6 12.2 16.7 Cash 16.7 21.4 12.3 Current liabilities (35.4) (34.6) (25.6) Shareholders’ f
Slide 6: Capital expenditure analysis
CAPITAL EXPENDITURE ANALYSIS 2011/2012 £15.8m £0.8m £13.3m £2.8m £0.7m New store £0.6m expenditure £1.8m £0.9m £9.3m Kensington Church £0.4m Street £1.5m £7.0m £6.5m Factory extension/ £0.6m improvements £0.4m £1.3m £10.4m Systems £1.2m development £6.8m £3.6m £4.1m Other Actual H1 Projected H2 Proj
Slide 7: Retail performance
RETAIL PERFORMANCE SIX MONTHS ENDED 30 SEPTEMBER 2011 Total revenue Growth LFL Growth £m % % UK 32.9 42% 44% Europe 1.1 114% 46% USA 2.2 82% 77% Online 4.8 52% 52% Total 41.0 47% 44% 6
Slide 8: Wholesale shipments to third parties
WHOLESALE SHIPMENTS TO THIRD PARTIES six months ENDED 30 september 2011 Total £31.3m wholesale £1.1m shipments £0.7m up 93% £11.7m 2.5 Europe (up 70%) £16.2m £0.6m £0.4m Asia-Pacific (up 149%) 2.9 £4.7m £17.8m North America (up 75%) £10.5m Other (up 83%) H1 2010/11 H1 2011/12 7
Slide 9: Revenue by channel
revenue BY CHANNEL (value of sales) UK Wholesale £7.1m (10%) UK Retail UK Wholesale £35.8m (49%) £5.5m (12%) UK Retail International £25.5m (57%) Wholesale International Wholesale £12.9m (18%) £5.0m (11%) International Partner stores £5.7m (13%) International International Retail £3.0m (7%) Partner
Slide 10: Revenue by region
revenue BY REGION (value of sales) Other North America £1.2m (2%) £3.5m (5%) North America Other £0.7m (2%) Asia-Pacific £2.0m (4%) UK £42.9m £12.1m (17%) Asia-Pacific (59%) £4.9m (11%) Europe £6.1m (14%) Europe £12.6m (17%) UK £31.0m (69%) H1 2010/11 Change from H1 2011 H1 2011/12 • UK up 38% • Eur
Slide 11: Revenue growth analysis by region
REVENUE GROWTH ANALYSIS BY REGION (VALUE OF SALES) £1.5m £0.5m £72.3m £7.2m £6.5m £11.9m £44.7m H1 2010/11 UK Europe Asia-Pacific North Other H1 2011/12 America 10
Slide 12: Revenue by product
revenue BY PRODUCT (value of sales) Shoes Apparel £0.6m (1%) £2.2m (3%) Other £0.5m (0%) Shoes Luggage Apparel £0.4m (1%) £4.8m (7%) £1.3m (3%) Other £0.4m (1%) Luggage Small Leather £3.1m (7%) Goods & Gifts Bags £55.5m Small Leather £8.7m (12%) (77%) Goods & Gifts £5.8m (13%) Bags £33.7m (75%) H1 2
Slide 13: Operating Review
OPERATING REVIEW 12
Slide 14: Worldwide retail footprint as at 30 September 2011
WORLDWIDE RETAIL FOOTPRINT The number of international AS AT 30 SEPTEMBER 2011 stores now exceeds the number of stores in the UK Department Store Free Standing Total Changes from Shop-in-Shop Stores 31 March 2011 Own Stores UK Full Price 26 9 35 - UK Airport - 5 5 - UK Off Price - 4 4 - Europe 1 1 2
Slide 15: Spring Street, New York
SPRING STREET, NEW YORK 14
Slide 16: New store openings during 2011/12
NEW STORE OPENINGS 15 new store openings expected DURING 2011/12 in 2011/12 (4 Mulberry operated stores, 11 Partner stores) Opening date Six months to 10 weeks to Projected between 30 September 2011 3 December 2011 4 December 2011 and 31 March 2012 UK • Stratford, London Europe • PC Hooftsraat, Amst
Slide 17: Outlook and strategy
outlook and strategy 16
Slide 18: Current trading and outlook
CURRENT TRADING and outlook – Retail sales up 18% for the 10 weeks to 3 December 2011, like-for-like up 14% against strong comparatives – Spring/Summer 2012 orders up 29% compared to the Spring/Summer 2011 end of season total with three months of the selling season remaining – Renewed Asia-Pacific d
Slide 19: The future: international expansion and new store openings
the future INTERNATIONAL EXPANSION • Direct investment in USA and Europe, using internally generated cashflow • International partners leading growth in Asia-Pacific with a focus on China, Japan, and South Korea • Selected wholesale accounts to remain an important channel NEW STORE OPENINGS • In the
Slide 20: The future: intelligent investment in brand
the future INTELLIGENT INVESTMENT IN BRAND • We continue to invest in our brand with increased emphasis on building brand awareness in international markets, especially the USA and Asia • We are sustaining and developing our program of sponsorship and cultural collaboration to build brand awareness
Slide 21: The future: invest in infrastructure; conservative financial management
the future INVEST IN INFRASTRUCTURE TO SUPPORT GROWTH • On-going review of production capacity and supply chain capability • Continuous drive to enhance and maintain quality standards • Significant investment in IT, including web, till systems, supply chain management and CRM systems CONSERVATIVE FI
Slide 22: Contacts
CONTACTS Pelham Bell Pottinger 0207 861 3232 Daniel de Belder Lucy Frankland Altium Capital 0207 484 4040 Ben Thorne Melanie Szalkiewicz Mulberry Investor Relations 0207 605 6771 mulberry.com facebook.com/mulberry blog.mulberry.com Follow us on Twitter @mulberry_editor 21
Slide 23: MAIN TITLE
MAIN TITLE SUBTITLE HERE