Mulberry bags boom in profits

Luxury handbag maker Mulberry shrugged off the economic gloom today as it trebled its half-year profits on the back of strong sales at home and abroad.

The group, which has 86 stores and concessions worldwide, including 44 in the UK, posted a 44% increase in like-for-like retail sales in the six months to September as customers took to the new autumn/winter collection.

John Cummins, analyst at Altium Securities, said there was more growth to come as Mulberry was “only just scratching the surface” in many luxury goods markets outside the UK and was under-represented globally.

The group, which plans to open nine new stores in the second half of the year, recorded pre-tax profits of £15.6m, up from £4.7m in the previous year, as total revenues rose 62% to £72.3m.