Mulberry Group says full year revenue up 5% to £155.9 m

British handbag maker Mulberry posted a three-fold jump in full-year pretax profit as it attracted a large number of customers with a more affordable product range.

Profit before tax rose to £6.2 million for the year ended March 31, the company said on Thursday.

Mulberry, whose overseas business accounts for about 30 per cent of its total revenue, said its international retail sales, including digital, were up 3 per cent to £21.3 million.

Mulberry has spent the past two year sprucing up its range and reconnecting with its lower-priced roots after a move to a more exclusive luxury position backfired, resulting in a 74 per cent fall in full-year profit for the year ended 2015.

The company said total retail sales for the 11 weeks to June 11 were up 4 per cent on a like-for-like basis and that it expected the rollout of its new Autumn Winter collection to be completed by August.

Mulberry, known for its classic leather bags, said full-year retail sales rose 8 percent to £118.7 million, while total revenue rose 5 per cent to £155.9 million.

Reuters