December 6, 2017 / 7:47 AM / 11 days ago

Handbag maker Mulberry posts flat first half group revenues

PARIS, Dec 6 (Reuters) - Britain’s Mulberry, known for its classic leather handbags, posted a 2 percent rise in retail sales in the first half of its fiscal year and flat total revenues, at a time when it is making a greater push into Asia.

The company has lowered prices over the past two years to go back to its roots as an “affordable luxury” label, after an ill-fated attempt to go more upmarket, and is developing its business in Japan.

Mulberry’s retail sales reached 56.6 million pounds ($75.84 million) in the six months to end-September, up 2 percent from the same period in 2016.

They were down 1 percent, however, on a like-for-like basis, which compares stores that have been trading for a year or more.

Total revenues, including from wholesale distribution, were broadly unchanged from a year earlier while the group posted a pre-tax loss of 609,000 pounds versus a 515,000 pounds loss a year earlier.

$1 = 0.7463 pounds Reporting by Sarah White; Editing by Sudip Kar-Gupta

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