Profits at Mulberry, the luxury brand and retailer, rocketed 231% over the last six months boosted by strong growth overseas.
For the six months to September 30 pre-tax profit came in at £15.6m. Total revenues surged 62% to £72.3m.
International revenues jumped 115% to £29.4m. During the period Mulberry opened a flagship store in New York’s Soho and its partners opened five stores in the Asia-Pacific region.
Group retail sales rose by 47% with like-for-like sales up 44%. In the UK, retail sales also surged 44%.
Godfrey Davis, chairman and chief executive, said Mulberry’s strategy to focus on international expansion “continues to bear fruit”.
He added: “Against the backdrop of economic uncertainty, Mulberry continues to build market share internationally and we remain cautiously optimistic about the future prospects of the business.”
In its wholesale arm, women’s and men’s bags accounted for 77% of group sales.
Sales through www.mulberry.com grew 52% during the period to £4.8 million, representing 7% of total sales. Mulberry will launch a new online platform by the end of the next financial year.
Despite tough economic conditions Mulberry said it has been experiencing growth since year end, with group retail sales up 18% in the 10 weeks to December 3.
Like-for-like sales increased 14% against strong comparables.
Davis however warned that despite the positive outlook for the six months to March 31, the potential impact of the economic environment on consumers spending habits makes the future more challenging.
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