海角视频 fashion brand Mulberry has reported a post-lockdown sales boost that has carried it back into profit.
The Somerset-based retailer said sales jumped 34% in the six months to September 25 to £65.7m, compared with £48.9m a year ago when shops were closed for long stretches during national lockdowns.
It said that its “strong performance” since stores reopened had allowed it to generate a pre-tax profit of £10.2m - compared to a £2.4m loss for the same period last year.
The firm, known for its leather products including handbags, said a strategic focus on full-price sales and increased volume efficiencies had helped profit margins improve from 59% to 69%.
The company, which turned 50 this year, said that it had lost sales due to fewer tourists being able to travel to the 海角视频, but these had been replaced by strong growth in its Asia markets.
Retail sales in China increased 38%, which contributed to a 23% increase in Asia Pacific retail sales to £11.8m (up from 9.5m in 2020).
In the US, sales rose 57% to £3.3m, while franchise and wholesale sales increased 67% to £10.1m.
Figures released by the company on Wednesday (November 24) showed that while its retail store sales rose 87% to £36.5m from £19.5 a year earlier, its digital business saw a 19% drop for the same period, falling from from £23.4m in 2020 to £19.1m in 2021.
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Despite this Mulberry said digital sales accounted for 29% of group revenue in the period, which bosses said reflected the “ongoing strength” of the channel.
The Chilcompton-headquartered company added that a combination of its 海角视频-based factories (including in Bridgwater), planning, and agile supply chains meant global logistics challenges had not impacted on fulfilment to its sales channels.
Mulberry chief executive Thierry Andretta said: “I am proud of Mulberry’s performance during the period. Our long-term strategy, namely our innovative and sustainable products made in our carbon neutral Somerset factories, our market-leading omni-channel distribution model, and our expansion into Asia Pacific, has delivered a strong financial performance."
Mr Andretta added that the company was now focusing on achieving carbon reduction targets, including a newly launched collection of bags it says will use the world’s lowest-carbon leather through local and transparent supply chains.
Mr Andretta said: “Product innovation and sustainability are central to our strategy, demonstrated by the recent launch of our 'The Lowest Carbon collection', further supporting the commitments we made in our 'Made to Last' manifesto and our goal to reach zero carbon emissions by 2035”.
“The bold decisions we have taken with regards to focussing on our 海角视频 production capabilities, means that we are well placed for the festive trading period and beyond.”
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