Mulberry Group Plc · LSE:MUL
Mulberry — FY2023 Earnings Presentation
23 slides from Mulberry's earnings presentation, 2023
Slide 1: Results for the Fifty-Two Weeks Ended 1 April 2023
MULBERRY GROUP PLC – RESULTS FOR THE FIF T Y-T WO WEEKS ENDED 1 APRIL 2023
Slide 2: Contents
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 Contents Highlights 3 STR ATEGY OVERVIEW 13 Current Trading 4 Strategy — Our 4 Strategic Pillars 14 Strategic Pillar 1 — Omni-Channel Distribution 15 FINANCIAL REVIEW 5 Strategic Pillar 2 — International Development 15 Revenue 6 Strategic Pillar 3
Slide 3: Highlights
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 Highlights FINANCIAL HIGHLIGHTS OPER ATING HIGHLIGHTS — Group revenue up 4% to £159.1m (2022: £152.4m) as we — Three stores in Sweden and five stores in Australia previously continued to deliver on strategic objectives, despite macro- owned by our
Slide 4: Current Trading
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 Current Trading — Group revenue for the first 12 weeks of the new financial year is 6% ahead of last year — Retail revenue is up 15%, with our newly acquired Sweden and Australia stores continuing to perform well • International retail sales are 4
Slide 5: Financial Review
Financial Review
Slide 6: Revenue
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 Revenue 52 WEEKS 53 WEEKS — Group revenue for the period increased by 4% over the prior period, with £ MILLION ENDED ENDED % CHANGE the challenges of the first half, being offset by increased revenues across 1 APRIL 2023 2 APRIL 2022 the second ha
Slide 7: International Revenue
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 International Revenue INTERNATIONAL MIX (AS A PROPORTION OF GROUP REVENUE) — International sales increased to 43% of total group sales (2021.22: 40%) driving revenue of £68.0m (2021.22: £61.1m) — Asia Pacific digital sales increased by 9% driven b
Slide 8: Omni-Channel Revenue
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 Omni-Channel Revenue — Global digital sales were 2% higher than 2022, they have remained above £ MILLION 2023 2022 % CHANGE pre-COVID sales levels at 36% (2019: 24%) reflecting the permanent shift to this channel post COVID-19 UK 33.8 35.7 (5%) —
Slide 9: Group Income Statement
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 Group Income Statement — Other operating expenses in the period increased by 26% to £108.4m 52 WEEKS ENDED 53 WEEKS ENDED (2022: £85.9m), with underlying operating expenses increasing by 6% £ MILLION 1 APRIL 2023 2 APRIL 2022 — The prior period be
Slide 10: Group Balance Sheet
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 Group Balance Sheet — Net working capital, which comprises inventories, trade and other AUDITED AUDITED 52 WEEKS ENDED 53 WEEKS ENDED receivables and trade and other payables increased by £12.3m to £40.0m £ MILLION 1 APRIL 2023 2 APRIL 2022 at the
Slide 11: Group Cash Flow
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 Group Cash Flow 52 WEEKS ENDED 53 WEEKS ENDED — The net decrease in cash and cash equivalents of £19.0m (2022: increase £ MILLION 1 APRIL 2023 2 APRIL 2022 of £13.9m) included a £4.0m drawdown of the Group’s revolving credit facility (RCF), and £2
Slide 12: Capital Expenditure
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 Capital Expenditure £ MILLION — During the period we continued to invest including £4.1 £5.3 £11.0 £11.0m (2022: £5.3m) of capital expenditure, £4.0m (2022: £0.5m) of SaaS costs and £3.2m (2022: £nil) of acquisition costs — This spend supports inv
Slide 13: Strategy Overview
Strategy Overview
Slide 14: Strategy — Our 4 Strategic Pillars
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 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 N
Slide 15: Strategic Pillars 1 and 2 — Omni-Channel Distribution, International Development
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 Strategic Pillar 1 Strategic Pillar 2 — Omni-Channel Distribution — International Development STR ATEGY: STR ATEGY: We look to continually enhance our omni-channel distribution model. This We are optimising our digital channels and global store ne
Slide 16: Strategic Pillar 3 — Constant Innovation
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 Strategic Pillar 3 — Constant Innovation STR ATEGY: We continue to work with new materials, and methods of creation and production, to adapt to changing customer tastes and to meet demand. At the same time, we are adding new services and transform
Slide 17: Strategic Pillar 4 — Sustainable Lifecycle
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 Strategic Pillar 4 — Sustainable Lifecycle STR ATEGY: Our Made to Last manifesto sets us apart, and we extend the life of all our products through our Lifetime Service Centre, Buy-Back offer, and The Mulberry Exchange for pre-loved bags. We aim fo
Slide 18: Strategic Pillar 4 — Sustainable Lifecycle
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 Strategic Pillar 4 — Sustainable Lifecycle — We have a long history of donating to local charities and organisations. We categorise our charitable activity into three streams: Strategic Corporate Partnerships; Tactical Local Partnerships; and Othe
Slide 19: Our aim is to build Mulberry as a sustainable global luxury brand
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 Our aim is to build Mulberry as a sustainable global luxury brand through four strategic pillars: — Omni-channel distribution — International development — Constant innovation — Sustainable lifecycle Since the period ended, we have opened a new st
Slide 20: Appendix
Appendix
Slide 21: Store Detail
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 Store Detail DEPARTMENT TOTAL CHANGES TOTAL FREE STANDING SHOP-IN-SHOP FULL YEAR 2023 FROM 2022 FULL YEAR 2022 UK 15 25 40 0 40 EUROPE 5 3 8 6 2 OWN STORES NORTH AMERICA 6 3 9 3 6 ASIA PACIFIC 23 20 43 6 37 TOTAL OWN STORES 49 51 100 15 85 UK - Me
Slide 22: Revenue by Product
RESULTS FOR THE FIFT Y-T WO WEEKS ENDED 1 APRIL 2023 Revenue by Product 2022/23 2021.22 2020.21 BAGS 5% 8% 7% ACCESSORIES, SMALL LEATHER GOODS & GIFTS 15% 19% 16% OTHERS 79% 77% 74% 80% Small Islington Axel Arigato for Mulberry Trench Coat Bayswater Hoop Earrings Pigment Blue Multicolour Gold Silky
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