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April 10, 2015

Mulberry Group's profits to be slightly ahead as sales impetus continues

Luxury handbag group Mulberry (LON:MUL) has seen a return to like-for-like (LFL) sales growth in its retail business.


Having seen LFL sales in the first half of its financial year fall off a cliff - they were down 13% year-on-year - the struggling fashion firm saw LFL sales rise 7% from a year earlier in the 26 weeks to 28 March.


That was still not enough to push LFL sales for the full year ahead of the previous year, but they were just a couple of percentage points shy of the previous year's performance.


The company said in a full year trading update that revenue for the year just ended will be in line with expectations at £148mln, down from £163mln the year before.


As a result of careful cost control, profit before exceptional items for the year ended 31 March 2015 is expected to be slightly ahead of market expectations.


The group recently called in Thierry Andretta at great expense to take over as chief executive officer, while its new creative director, the improbably named Johnny Coca, joins in July.


Shares were little changed at 870p in lunchtime trading.



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