Mulberry Group PLC Trading Update (6581J)

TIDMMUL

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 GBP148 million (2014: GBP163 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 GBP2.5 and GBP3.0 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      26 weeks    52 weeks   26 weeks      26 weeks    52 weeks 
                        to                 to          to    to                 to          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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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