Mulberry Group PLC House of Fraser and UK Trading Update (2193Y)
August 20 2018 - 2:00AM
UK Regulatory
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RNS Number : 2193Y
Mulberry Group PLC
20 August 2018
Mulberry Group plc
House of Fraser and UK Trading Update
Following the recent announcement of House of Fraser's entry
into administration and the selective acquisition of assets by
Sports Direct International plc, Mulberry Group plc ("the Group" or
"Mulberry") has considered the impact on the Group's financial
results for the year to 31 March 2019.
Mulberry operates 21 House of Fraser concessions, employing 88
people across the UK as part of the Group's global store and
digital network. Following a review of debtor balances, fixed
assets and potential costs that may result from restructuring, the
Group is expecting to provide GBP3 million for exceptional costs in
the results for the six months to 30 September 2018.
Since the Group reported in June 2018, the UK market has
continued to remain challenging and sales in House of Fraser stores
have been particularly affected. If these sales trends in the UK
continue into the key trading period of the second half of the
financial year, the Group's profit for the whole year will be
materially reduced.
Trading in the rest of the world continues to develop broadly in
line with management's expectations and, in August, the Group
completed the previously announced transaction with its
distribution partner to create Mulberry Korea, which became a
subsidiary from that date.
The Group is in a strong cash position and continues to follow
its strategy to develop Mulberry into a global luxury brand. Over
the past two years the Group has enhanced the international
network, particularly in Asia, and will continue to invest in the
omni-channel experience and marketing across its international
markets.
FOR FURTHER DETAILS PLEASE CONTACT:
Headland
Lucy Legh / Emma Ruttle 020 3805 4822
Mulberry Investor Relations
Allegra Perry 020 7605 6795
GCA Altium
Sam Fuller / Tim Richardson 020 7484 4040
Barclays
Nicola Tennent / Stuart Muress 020 3134 9801
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END
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