- Strategy of reduced discounting pushed margins up to 71.7 per cent
- China stores now reopened after dragging down revenues in Q1
Luxury leather goods maker Mulberry (MUL) is feeling the benefit of higher full-price sales and a gain on the disposal of its Paris store lease, which led profits to quadruple to £21.3mn over the past year. Gross margins also jumped to 71.7 per cent in the year to 2 April, up from 63.6 per cent in the previous year, cementing the British heritage brand’s progress from loss-making to profitability over the past five years.