Mulberry, a British Fashion Company, Witnesses 4% Revenue Growth in FY23
chandni
Mulberry Group, a British luxury brand, reports 4% revenue growth in FY23, reaching £159.1 million. Despite economic volatility, the company's strategic objectives contribute to this positive outcome.
While UK retail sales experience a slight decrease to £87.7 million in FY23, impacted by the broader economic environment, the second half of the year shows improved performance.
Asia Pacific retail sales demonstrate resilience amid COVID-19 lockdowns, with a 3% increase to £28.9 million. International retail sales also see significant growth, rising by 12% to £46.5 million.
Digital sales experience a modest 2% increase, reaching £48.4 million, accounting for 30% of total revenue.
Gross margins remain steady at 71.2%, while full price retail sales witness a 6% rise, comprising 78% of total retail sales.
However, underlying profit before tax sharply declines to £2.5 million, and reported profit before tax decreases to £13.2 million in FY23.
The company highlights significant investments, including the acquisitions of businesses in Sweden and Australia, and full ownership of Mulberry Japan Co Limited. These investments align with the company's long-term growth strategy. Thierry Andretta, the CEO, emphasizes the support of their transformation function in delivering their strategic goals.
