00:00British luxury handbag maker Mulberry reported a return to annual sales growth on Monday.
00:06Its turnaround gathered pace despite weakening consumer spending facing the wider retail sector.
00:12Its shares were up nearly 8% in morning trade. The company posted full-year revenue growth of
00:185.7% on a constant currency basis for the year ending March 28. It was driven by double-digit
00:26growth across all markets in the second half, with like-for-like retail and digital sales in
00:32its core UK market rising 13.7%. Mulberry's performance stands out against a backdrop
00:40of a struggling broader retail sector. It's as cautious UK consumers' increased savings amid
00:46sluggish economic growth, while demand has been slow to recover in key luxury market China.
00:51Recent fallout from the Iran war has also hit high-margin airport retail and demand in the
00:57Gulf. Under CEO Andrea Baldo, who took over in 2024, the company has pursued its strategy
01:04focusing on an appeal to British heritage.
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