British handbag maker Mulberry Group posted a three-fold jump in full-year pretax profit as it attracted a large number of customers with a more affordable product range.
Profit before tax rose to £6.2m for the year ended March 31, the company said today.
Mulberry, whose overseas business accounts for about 30% of its total revenue, said its international retail sales, including digital, were up 3% to £21.3m.
Mulberry has spent the past two year sprucing up its range and reconnecting with its lower-priced roots after a move to a more exclusive luxury position backfired.
This resulted in a 74% fall in full-year profit for the year ended 2015.
The company said total retail sales for the 11 weeks to June 11 were up 4% on a like-for-like basis and that it expected the rollout of its new Autumn Winter collection to be completed by August.
Mulberry, known for its classic leather bags, said full-year retail sales rose 8% to £118.7m, while total revenue rose 5% to £155.9m.
