Since the end of September we have opened directly operated
international stores in Frankfurt and Dallas and a concession in
Galeries Lafayette, Paris reaching our target of five new
directly-operated international stores for the financial year.
Following the opening of our store in the new Terminal 2 at
Heathrow, we have closed our store in Terminal 1. Since 30
September 2014, we have also opened one partner store in China,
while closing one partner store in Singapore. We are on track to
open our Paris flagship store at the beginning of the next
financial year.
As highlighted in our trading update of 14 October, we expect H1
wholesale trends to continue for the rest of the year to 31 March
2015 although partner sales performance is improving similarly to
our own Retail business.
Capital and investment expenditure for the year to 31 March 2015
is expected to be approximately GBP18.0 million, subject to the
timing of new store openings and other investments.
The Group has made significant progress in opening stores in
North America and Europe, creating the foundations for our business
in these regions. As a result, fewer new stores will be opened
while we build the sales and operating performance of the 20 stores
opened internationally over the past three years.
After a difficult couple of years, the steps that have been
taken to return Mulberry to growth are beginning to bear fruit. We
expect to gain further momentum from the appointment of Johnny Coca
as our new Creative Director.
Retail like-for-like sales Retail total sales
--------------------------------- ---------------------------------
26 weeks 9 weeks 4 weeks 26 weeks 9 weeks 4 weeks
to to to to to to
This year vs. last
year (%) 30-Sep-14** 29-Nov-14 29-Nov-14 30-Sep-14** 29-Nov-14 29-Nov-14
UK full price -12% +5% +16% -12% +2% +12%
UK outlet -25% -9% -8% -23% +6% +22%
UK Retail total* -17% -1% +5% -16% +4% +17%
International Retail
total* -2% +1% +1% +20% +23% +28%
Online total +1% +18% +27% +1% +18% +27%
Group Retail total -13% +2% +7% -9% +8% +19%
----------- --------- --------- ----------- --------- ---------
* Regional splits exclude
online sales
** Retail sales for the 26 weeks to 30-Sep-14 have
been previously reported
NON-EXECUTIVE DIRECTORS
We are pleased to have announced, on 2 December, the appointment
to the Board of a new independent non-executive director, Julie
Gilhart. Ms. Gilhart is a freelance fashion consultant who has
advised many clients including Amazon.com and LVMH. Previously
Julie spent 18 years in various roles at Barneys New York, most
recently as Fashion Director. She currently holds board positions
with Outerknown LLC and Parsons/New School.
As announced on 16 September, we are deeply saddened by the
recent passing of one our non-executive directors, Mr. Bernard
Heng. Mr. Heng made a substantial contribution to the Group as a
non-executive director for 11 years and will be greatly missed.
Consolidated income statement
Six months ended 30 September 2014
Note Unaudited Unaudited Audited
six months six months year ended
30 Sept 30 Sept 31 Mar 2014
2014 2013 GBP'000
GBP'000 GBP'000
Revenue 64,700 78,094 163,456
Cost of sales (25,950) (28,861) (59,992)
Gross profit 38,750 49,233 103,464
Administrative expenses (40,127) (42,402) (90,194)
Other operating income 159 234 447
Operating (loss)/profit (1,218) 7,065 13,717
Share of results of associates 100 157 292
Finance income 13 25 35
Finance expense (5) (20) (30)
(Loss)/profit before tax (1,110) 7,227 14,014
Tax credit/(charge) 4 700 (2,150) (5,412)
(Loss)/profit for the period (410) 5,077 8,602
============ ============ =============
Attributable to:
Equity holders of the parent (410) 5,077 8,602
============ ============ =============
Basic (loss)/earnings per
share 6 (0.7p) 8.7p 14.5p
Diluted (loss)/earnings per
share 6 (0.7p) 8.6p 14.3p
All activities arise from continuing operations.
Consolidated statement of comprehensive income
Six months ended 30 September 2014
Unaudited Unaudited Audited
six months six months year ended
30 Sept 30 Sept 31 Mar 2014
2014 2013 GBP'000
GBP'000 GBP'000
(Loss)/profit for the period (410) 5,077 8,602
Exchange differences on translation
of foreign operations (436) (588) (981)
Tax impact arising on above
exchange differences 89 135 545
------------ ------------ -------------
Total comprehensive (expense)/income
for the period (757) 4,624 8,166
============ ============ =============
Attributable to:
Equity holders of the parent (757) 4,624 8,166
============ ============ =============
Consolidated balance sheet
At 30 September 2014
Unaudited Unaudited Audited
30 Sept 30 Sept 2013 31 Mar 2014
2014 GBP'000 GBP'000
GBP'000
Non-current assets
Intangible assets 14,020 6,863 7,323
Property, plant and equipment 36,274 37,985 35,139
Interests in associates 120 423 64
Deferred tax asset 550 780 770
---------- -------------- -------------
50,964 46,051 43,296
Current assets
Inventories 39,329 33,365 33,780
Trade and other receivables 13,988 17,372 13,574
Current tax asset 1,199 - -
Cash and cash equivalents 3,585 11,143 23,414
---------- -------------- -------------
58,101 61,880 70,768
Total assets 109,065 107,931 114,064
---------- -------------- -------------
Current liabilities
Trade and other payables (28,639) (24,500) (29,423)
Current tax liabilities - (2,398) (683)
---------- -------------- -------------
(28,639) (26,898) (30,106)
Total liabilities (28,639) (26,898) (30,106)
Net assets 80,426 81,033 83,958
========== ============== =============
Equity
Share capital 3,000 2,994 3,000
Share premium account 11,961 11,852 11,961
Own share reserve (1,641) (2,593) (1,676)
Capital redemption reserve 154 154 154
Special reserves 1,467 1,467 1,467
Foreign exchange reserve (559) (229) (212)
Retained earnings 66,044 67,388 69,264
Total equity 80,426 81,033 83,958
========== ============== =============
Consolidated statement of changes in equity
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