For the fiscal year ending 31 March 2014, British luxury brand Mulberry reports negative financials, with net profit down to f £14.0 million from f £26 million the previous year, reflecting the increase in costs associated with new stores opened this year and last year (£4.8 million) as well as £3.4 million of exceptional, non-recurring costs as previously announced.
Total sales also declined from £165.1 million in 2013 to £163.5 in 2014. During fiscal 2014, nine new stores were opened internationally and 2 were shut down. A flagship store in Paris is planned for 2015/16.
The company is introducing lower priced range products (£500-800). As a first step the company introduced the new Tessie collection two weeks ago which has been proving popular.
During the 10 weeks to 7 June 2014, total retail sales were 9% below the same period last year (like-for-like sales down 15%). Double digit decline in Wholesale sales expected for 2014/15.
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