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Mulberry’s announcement today (December 10) of increased total revenue and gross profit margin for the six months ended September 30, 2015 has left stock market broadly unchanged.
The English luxury brand has reported a 5% increase in revenue, to US$103 million for the period compared to US$98.million in 2014, year-on-year.
Gross profit margin for the period was up 1.6% to 61.5%, compared to 59.9% in 2014. Profit before tax was US$151,000. In 2014, Mulberry’s reported loss before tax of US$1.67 million.
The brand reported digital sales to be up 20% for the period, representing 12% of Group sales, compared to 10% in 2014: 10%.
Mulberry has been focusing on regaining momentum within its single largest category, women's handbags, for the past 18 months. According to reports, the company’s results also reflect efficiency gains in its UK factories, which now produce about 50% of the handbags.
Despite the encouraging results and positive growth, little change has been noticed in the stock markets this morning (December 10). “It may be, slowly, winning back customers but investors remained nonplussed by Mulberry this Thursday, even with the promise of rising sales in the run up to Christmas and a slender £100,000 (US$151,000) half year pre-tax profit, up from the £1.1 million (US$1.67 million) loss this time last year, sending the stock around half a percent lower as the day continued”, according to Connor Campbell, Senior Market Analyst at Spreadex speaking to ILM.
In July, former Céline Accessories Design Director, Johnny Coca, became Mulberry’s new Creative Director and is to showcase his first Mulberry collection as part of London Fashion Week in February 2016.
"Our strategy is beginning to deliver tangible results in line with our expectations. We look forward to Johnny Coca's first Mulberry collection which will emphasise our Britishness and our heritage in leather, whilst delivering great quality within our targeted price range. We remain committed to our UK manufacturing base and look forward to the Mulberry brand fulfilling its potential both in the UK and internationally”, said Thierry Andretta, Mulberry’s CEO.