Mulberry Group (AIM:MUL) PLC reported strong full-year results, reflecting a robust recovery in trading as Covid-19 restrictions were lifted and customers returned to physical stores.
The British luxury brand posted revenue of £152.4mln for the 53 weeks to 2 April 2022, a rise of 32% on the previous year, while pre-tax profit jumped to £21.3mln from £4.6mln, including a one-off profit of £5.7mln on the disposal of its Paris lease.
Retail sales grew by 36% in the UK and were up 59% in China and 11% in South Korea.
The retailer opened five new stores in China and four in South Korea during the year as part of its ongoing growth and development in the Asia Pacific region.
Digital sales dropped by 16% as customers switched back to stores, although compared to pre-pandemic levels, online sales were up 31%.
Turning to current trading, Mulberry said revenue for the first 12 weeks of the current financial year was 5% ahead of last year, although retail and digital sales fell by 1%, largely because Covid-19 restrictions in mainland China led to the closure the group’s stores and Shanghai distribution centre.
"Whilst the economic and geo-political outlook remains uncertain, we are an iconic international brand with a clear strategy for future profitable, cash-generative growth. We remain well placed to continue to deliver sustainable returns to the benefit of all our stakeholders," said CEO Thierry Andretta.
The company reinstated its final dividend with a proposed 3p payout.
Shares were up 6.78% at 315p in morning trade.