Trading Update

RNS Number : 6581J

Mulberry Group PLC

09 April 2015

 



MULBERRY GROUP PLC ("Mulberry" or the "Group")

TRADING UPDATE

Mulberry Group plc, the English luxury brand, is updating the market on trading for the year ended 31 March 2015.

As reported on 3 December 2014, Retail trading improved following the introduction of the Spring/Summer 2015 collection into our stores at the beginning of November.  This improved Retail performance has continued and revenue for the year ended 31 March 2015 will be in line with expectations at £148 million (2014: £163 million). The full year growth in Retail revenue of 1% has however been more than offset by the previously announced decline in the Wholesale business. The table below shows how our Retail business returned to growth during the second half of the year.

As a result of careful cost control, profit before exceptional items for the year ended 31 March 2015 is expected to be slightly ahead of market expectations.

In compliance with accounting standards, the carrying value of our store assets is assessed at the end of each reporting period and as a consequence we expect that the reported results for the year ended 31 March 2015 will include an exceptional non-cash impairment charge of between £2.5 and £3.0 million relating to five of our stores.

GODFREY DAVIS, CHAIRMAN, COMMENTED:

"The encouraging Retail trends over the last five months reflect our reinvigorated product offer and focus upon our customers. We are delighted to have announced the appointment of our new CEO, Thierry Andretta and look forward to the arrival of our new Creative Director, Johnny Coca, during July."

FY14/15	Retail like-for-like sales				Retail total sales
	26 weeks to	26 weeks to	52 weeks to		26 weeks to	26 weeks to	52 weeks to
This year vs. last year (%)	30-Sep-14#	28-Mar-15	28-Mar-15		30-Sep-14#	28-Mar-15	28-Mar-15
UK full price	-12%	+6%	-2%		-12%	+3%	-4%
UK outlet	-25%	-5%	-15%		-23%	-2%	-12%
UK Retail total*	-17%	+3%	-7%		-16%	+1%	-7%
International Retail total*	-2%	+4%	+1%		+20%	+33%	+27%
Online total	+1%	+26%	+15%		+1%	+26%	+15%
Group Retail total	-13%	+7%	-2%		-9%	+9%	+1%
*   Regional splits exclude online sales
#  Retail sales for the 26 weeks to 30-Sep-14 have been previously reported

The preliminary results announcement for the year ended 31 March 2015 is scheduled for 11 June 2015.

FOR FURTHER DETAILS PLEASE CONTACT:

Bell Pottinger
Daniel de Belder / Joanna Boon	0203 772 2561 / 0203 772 2499
Mulberry Investor Relations
Kate Anthony Wilkinson	01761 234 531
Altium
Sam Fuller / Tim Richardson	0207 484 4037 / 0207 484 4102
Barclays
Marcus Jackson / Nicola Tennent	0203 134 8370

 

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