UK's Mulberry Group posts gross margin of 71.2% in FY23

The UK retail sales totalled £87.7 million in FY23, slightly down from £88.5 million in FY22. The first half of the year saw some impacts from the broader economic environment, but performance improved in the latter half of the year.

Asia Pacific retail sales showed resilience, increasing by 3 per cent to £28.9 million, despite several COVID-19 lockdowns in key markets such as China and South Korea. International retail sales saw a substantial increase of 12 per cent to £46.5 million, the company said in a press release.

Digital sales represented a crucial part of Mulberry's revenue in FY23, amounting to £48.4 million, a 2 per cent increase from the previous year, and making up 30 per cent of total revenue. This percentage continues to reflect higher levels than before the COVID-19 pandemic, standing at 24 per cent in FY20.

Full price retail sales increased by 6 per cent and represented 78 per cent of total retail sales, a rise from 76 per cent in FY22.

However, the underlying profit before tax was £2.5 million in FY23, a decrease from the profit before tax of £14.6 million in FY22. The reported profit before tax stood at £13.2 million, down from £21.3 million in the previous year.

“The group is in a strong position to continue with strategic growth plans, taking the opportunities to accelerate our direct-to-customer model, maintaining our full price strategy and crucially, continuing to produce beautiful products in our Somerset factories and serving our customers in both our welcoming stores and on our market-leading digital platform,” said Christopher Roberts, chairman.

Fibre2Fashion News Desk (DP)