StockMarketWire.com - Luxury handbag maker Mulberry swung to a full-year loss, as sales slipped in the UK.

Pre-tax losses for the year through March amounted to £5.0m, compared to a profit of £6.9m on-year.

Revenue fell 2.0% to £166.3m, with UK sales down 6% and international sales up 7%.

The company held its dividend steady at 5p per share.

Retail total sales had risen 13% for the 11 weeks to 15 June, with international up 31% and UK up 7%.

'The group has delivered results in line with expectations and is making good progress in advancing its international strategy and direct to customer model whilst managing a challenging UK market,' chief executive Thierry Andretta said.

'We have established new subsidiaries in Japan and South Korea and introduced important digital partnerships in China.'

'International and omni-channel sales, driven by our customer centric focus, are increasing as a result.'

'Looking ahead, we anticipate that international and digital sales will continue to grow whilst UK retail trading conditions are expected to remain uncertain.'

'The group plans to invest further in its new Asian entities during this development phase, enhance its global digital platform and optimise the UK network.'



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