Mulberry H1 revenue decline 17 percent

REPORT_ Mulberry Group announcing its interim results for the six months ended September 30, 2014 said that as reported on October 14, 2014, total H1 revenue declined 17 percent to 64.7 million pounds (101.3 million dollars), compared to 78.1 million pounds (122.2 million dollars). Retail revenue was down by 9 percent and wholesale revenue was down 31 percent.

Commenting on the results for the first six months, Godfrey Davis, Chairman said, “The results for the six months to September 30, 2014 are in line with the guidance given on 14 October. We have continued to take steps to return the business to growth and sales for the nine weeks to November 29, are encouraging. Total retail sales are up 8 percent compared to last year, including online sales of over 18 percent.

Gross margin was 59.9 percent, reflecting in part the impact of the new factory as its production efficiency increases. Loss before tax of 1.1 million pounds (1.7 million dollars) in line with expectations, reflecting lower sales, the increase in costs associated with new stores opened this year and last year and the lower gross margin.

Company opened two new directly operated international stores during the first half in Las Vegas and Hamburg. Click & Collect service was introduced for full price standalone stores in the UK. Retail revenue increased 8 percent for the nine weeks to November 29, 2014, driven by a strong performance by online business. Three more directly operated international stores were opened since September 30, 2014 in Dallas, Frankfurt and Paris. New Creative Director, Johnny Coca is joining Mulberry during July 2015.