British leather goods retailer Mulberry saw profits jump to £6.2 million for its 2015 financial year, with the introduction of a more affordable product range sparking demand.
Total retail sales for the 11 weeks to June 11 also rose 4 percent on a like-for-like basis, with full-year retail sales up 8 percent. Total revenue rose 5 percent to £155.9 million.
These figures are the first set of results since Mulberry retreated from an advance into the luxury sector, resulting in a a 74 percent fall in full-year profit for the year ended 2015. Lowering prices and reinventing its range, Mulberry’s latest set of results show the company is heading in a more promising direction.