Mulberry Posts Flat First Half Group Revenues

PARIS, France — Britain's Mulberry, known for its classic leather handbags, posted a 2 percent rise in retail sales in the first half of its fiscal year and flat total revenues, at a time when it is making a greater push into Asia.

The company has lowered prices over the past two years to go back to its roots as an "affordable luxury" label, after an ill-fated attempt to go more upmarket, and is developing its business in Japan.

Mulberry's retail sales reached £56.6 million in the six months to the end of September, up 2 percent from the same period in 2016.

They were down 1 percent, however, on a like-for-like basis, which compares stores that have been trading for a year or more.

Total revenues, including from wholesale distribution, were broadly unchanged from a year earlier while the group posted a pre-tax loss of £609,000  versus a £515,000 loss a year earlier.

By Sarah White; Editor: Sudip Kar-Gupta.