British sustainable luxury brand Mulberry has said that trading is line with expectations despite a difficult economic environment.
The Somerset-headquartered group reported that its revenue was slightly ahead of last year and underlying group profitability weighted to the second half. The heritage brand saw an improvement in retail revenue over the second half of the year, which it credits to good performance in the UK and an 'improving' environment in China.
The company has further invested in the Asia Pacific region, including the launch of a duty-free store in Hainan, China. It also assumed full ownership of Mulberry Australia following the acquisition of five stores previously run by the group’s Australian franchisee.
This follows the launch of Mulberry Sweden and the acquisition of three stores previously operated by the Group's Swedish franchisee.
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Mulberry's chief executive Thierry Andretta said: "This year we have continued to deliver on our strategic objectives while demonstrating resilience in the challenging macro-economic environment. We've invested in our omni-channel approach, improved our direct-to-customer-model and maintained gross margin."
Mr Andretta added: "I would like to thank all my colleagues for their creativity and the fantastic service they provide to our customers."
Mulberry continued to invest in its global brand awareness and the development of its business model during FY23 and said it "remains focused on investing for future growth."
The group intends to announce its audited FY23 results on June 22 2023.
Towards the end of last year, the retailer reported that sales had plunged to a half-year loss amid the cost-of-living crisis. The group reported a pre-tax loss of £3.8m for the six months to October 1 - against profits of £10.2m a year ago - despite hiking prices in March and September to offset soaring costs.
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