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Mulberry reports plum profits and rising sales

LUXURY fashion firm Mulberry Group shrugged off economic gloom yesterday, saying it expected further sales growth ahead after a strong set of full-year results, boosted by growing demand in an effervescent Asian market.

The company, famed for its leather handbags, said retail sales in the first ten weeks of the current year were up 36 per cent.

“We have started the new financial year strongly,” chairman Godfrey Davis said in a statement yesterday. “Current indications are that sales will grow more rapidly during the next year than the one just ended.”

The firm said its Asian business was growing particularly rapidly, with wholesale revenues expected to more than double as its partners open stores in Hong Kong, Korea, Qatar, Dubai and Kuala Lumpur.

Mulberry reported in-line pre-tax profit for the year to 31 March up 22 per cent to £5.1m, on sales of £72.1m.