Mulberry sees London store footfall bounce back and boosts UK sales

·1-min read
Mulberry has reported UK sales growth (Mulberry)
Mulberry has reported UK sales growth (Mulberry)

Shares in Mulberry soared more than 22% earlier after the handbag maker returned to profit, said it was well prepared for Christmas and pointed to a revival in central London.

The luxury accessories group, which counts Mike Ashley’s Frasers Group among its shareholders, is one of many brands that saw sales in the capital, and elsewhere, hurt by lockdowns and a plunge in tourist and office worker numbers due to travel restrictions.

But it today said revenues in the six months to September 25 jumped 34% to £65.7 million, returning to pre-Covid levels.

UK retail sales at the business, which earlier this week launched a new sustainable bag collection, increased UK sales 36% to £38 million.

Mulberry also reported pre-tax profits of £10.2 million, compared with a £2.4 million loss a year earlier.

In addition, the AIM-listed retailer’s boss Thierry Andretta told the Evening Standard that central London footfall since April when stores reopened was “slightly up” on the same period in 2019.

Mulberry imported some raw materials earlier than usual to make production at its Somerset factories less exposed to supply chain challenges.

The shares gained 68p to 370p.

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