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Luxury handbag maker Mulberry has more than quadrupled its annual sales, driven by skyrocketing demand in Asia for new women's Supra Vaider shoes 2011, and promised further returns, indicating that consumer demand for the products remained strong for next spring and early summer.
Pre-tax profits for the year ending in March increased by 358 percent, to £23.3 million with sales that are 69 percent higher at £121.6 million. Shipments to Asia of "luxury English" leather bags – to stores authorized by the team and through wholesale programs – tripled, leading to robust growth from the company's divisions.
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The results beat market expectations by about EIGHT percent. Shares in Mulberry rose nearly BEING UNFAITHFUL percent to 115p in early trading on This.
The 50-year-old company founded in Somerset is one of the "affordable luxury" brands prospering today, joined by demands for Ted Baker, See by Chloé, and J Brand jeans.
International expansion for these British companies has far outpaced even healthy domestic activities; Godfrey Davis, chairman of Mulberry, mentioned on This: “While we remain cautious about the global economic setting, we're focused on increasing our international growth.”
Matthew McEachran, an analyst at Singer, mentioned the provider seemed to be managing international growth effectively sunglasses that let you stream video on Facebook10, following Burberry’s example by taking control of distribution programs when it would. Mulberry took over distribution in Indonesia. But Don, in the Netherlands and Belgium in 2009, and secured legal rights in Amsterdam.
“It’s a brand that’s really starting to realize its potential,” he mentioned.
Ten new international stores opened in 2009, in cities including Beijing, Qatar for new women's Supra TK Society 2011, UAE, and Sydney, and new stores are planned in, among other regions, Korea, Bangkok, and New York, as a flagship store will open in Soho next fall.
Fashionistas' preference for Mulberry helped push up gross margins, from 59 percent in 2009/10 to 65 percent in 2010 – a noticeable difference the provider attributed largely to more purchases being made at full price, due to the lack of leftover inventory after the peak selling season meant fewer clearance sales. Input margins were also stronger.
Analysts at Altium, Mulberry’s broker and corporate advisor, noted that the company’s focus on handbags makes international growth an easier task. Mr. McEachran, however, sees a broadening product range as another avenue for growth.
A lower tax rate helped supercharge earnings per share, which increased from SOME. 2p in 2009 to 29.8p. Mulberry mentioned it would raise its full-year dividend from COUPLE OF. 2p to 4p.
A new flagship store on New Bond Street – blocks away from the old location – and new headquarters incurred £2.3 million in one-off property charges.
The men's and women's company mentioned investment in the new flagship store has been generating sales 44 percent above those in the same period the year before at the old store.