06 Dec '17, 10am

Mulberry half-year losses widen as tourist spending eases pain

Luxury handbag maker Mulberry has revealed widening half-year losses but said strong international demand and tourist spend is helping offset a slowing UK market. The group posted pre-tax losses of £609,000 for the six months to September 30 against £515,000 a year earlier after like-for-like sales fell 1 per cent. Chief executive Thierry Andretta said the UK market remains "uncertain", with domestic sales falling 1 per cent despite a boost from overseas shoppers taking advantage of the Brexit -hit pound, while overseas sales dropped 3 per cent. Read more Black Friday fails to lure cash-conscious savers into shops But the group has returned to sales growth since the half-year, with a 12 per cent surge in international sales helping overall sales lift 1 per cent in the 10 weeks to 2 December. Mr Andretta said: "We continue to see strong demand from tourists in London and wh...

Full article: http://www.independent.co.uk/news/business/news/mulberry-...

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