9th Apr 2015 06:59
LONDON (Alliance News) - Mulberry Group PLC Thursday said its retail trading has improved following the introduction of its Spring/Summer 2015 collection into its stores last November, and said sales for its recently completed financial year will be "in line with expectations".
The luxury handbag maker said it expects full-year revenue for the year ended March 31 to be at GBP148 million, compared with GBP163 million the year before. It said the 1% full year growth of retail revenue has been "more than offset" by a decline in the wholesale business. It said the retail business returned to growth during the second half of the financial year.
The company added that it expects profit before exceptional items to be slightly higher and ahead of market expectations, as a result of "careful cost control".
It also expects to report an exceptional non-cash impairment charge of between GBP2.5 and GBP3.0 million relating to five of its stores.
"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," Chairman Godfrey Davis said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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