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Mulberry made a profit and its international sales increased as the British luxury brand benefited from six months of easing restrictions linked to the pandemic.
The British group, 29 percent owned by Mike Ashley’s Frasers group, has benefited from its overseas expansion, with international sales accounting for 40 percent of the group’s turnover.
The group’s sales rose by a third to reach £ 65.7million, while in the United States it jumped 57% and in China by 38%, in the 26 weeks leading up to September 25 .
The group, known for its high-end handbags, made a six-month pre-tax profit of £ 10.2million, including a one-time profit of £ 5.7million, compared to a loss of £ 2.00. £ 4million over the same period a year earlier.
Sales for the last eight-week period through Nov. 20 remained dynamic compared to a year ago, up 35%, the group said in a statement Wednesday.
The group’s shares, which trade on London’s AIM market, have risen 34% this year.
“The bold decisions we have taken to focus on our production capabilities in the UK mean that we are well positioned for the holiday season and beyond,” said Managing Director Thierry Andretta.
Digital sales fell to 29% of the group’s revenue in the six months, down from the 2020 lockdowns, suggesting more people were visiting stores rather than buying online. They were up a fifth from the first half of 2019, before the pandemic hit.