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Mulberry

February 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

It was hardly surprising luxury leather handbags group Mulberry published a loss of £2.8m (H1: ‘22: £4.5m profit) in the six months ended 30 September, even though gross margin increased to 71% (2021: 69%) supported by its strategic focus on full-price sales and increased volume efficiencies. However, the culprit wasn’t weakening consumer sentiment as sales were down just 1% to £64.9m (retail: minus 3% to £35.3m; digital declined 15% to £16.3m) but more an increase in investment for future growth. Marketing spend rose to £8.2m (2021: £5.5m) supporting international projects and building global brand awareness, while it opened stores in Nanjing Deji and Hainan (both China) and Battersea Power Station; a pop-up in Gwang Ju, Korea, ...

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Mulberry - Gross margins soar 8.1%! (August 2022)

Mulberry - Trading ahead of expectations (May 2022)

Mulberry (January 2022)

Mulberry - Leather accessories brand makes stunning comeback (October 2021)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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