StockMarketWire.com - Luxury brand Mulberry swung to a first-half profit as revenue grew by more than third as the reopening of store in the UK and growth Asia bolstered performance.

For the 26 weeks ended 25 September 2021, pre-tax profit was £10.2 million compared with a loss of £2.3 million as revenue grew 34% to £32.3 million.

'Sales in the UK recovered strongly once our stores re-opened. The sales lost from the absence of tourists in the UK and the rationalisation of stores in Europe were replaced by strong growth in Asia,' the company said.

Gross margin increased to 69% from 59% due to a 'strategic focus on full-price sales and increased volume efficiencies,' it added.

Retail revenue in the 8 weeks to 20 November 2021 increased 35% compared to the same period last year.

Looking ahead, the company said Gross margin in the second half was expected to be similar to, or slightly higher than, the 67% achieved in the second half of last year.


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