According to the latest annual financial report released by Mulberry, its sales increased by 7.8% to 181 million pounds in the 12 months ended March 31st, the gross profit margin declined to 61.6% compared with the previous fiscal year, and net profit surged 86% to 5 million pounds.
The brand said that although the net profit has increased significantly, sales growth has slowed down compared with before. However, the brand expects its expansion in Asia and the launch of new products will promote the growth of the new fiscal year.
During the period, sales of Mulberry, including electricity providers, increased by 8% to 128 million pounds compared with the same period last year. After the launch of the Chinese and Korean version of Mulberry website, the sales of e-commerce channels increased by 19%, while wholesale channel sales increased 7% to 39 million 800 thousand pounds compared with the previous year.
By region, Mulberry is benefiting from the British home market, and the tourism recovery has been caused by the weakness of the pound. Retail sales have increased by 10% to 107 million pounds, and retail sales in other parts of the world have increased by 1% to 21 million 500 thousand pounds.
It is noteworthy that Mulberry has been working with its main controlling shareholder, Christina Ong, to set up a new company Mulberry (Asia) Limited, which is mainly responsible for the group’s operations in Hongkong, mainland China and Taiwan. The Christina Ong partners will own 40% of the company’s shares. The company has opened its business in Hongkong in April 3rd and has branches in the mainland and Taiwan.