Luxury handbag maker Mulberry said on Tuesday that full-year profit and revenue were set to be “moderately ahead” of expectations following continued solid trading in the second half.
In an update for the year to 2 April, Mulberry said the robust sales trend delivered in the first half of the year has continued throughout the second, while gross margins have been maintained.
“Mulberry has taken this opportunity to increase its marketing investment in the second half of FY22 to further build global brand awareness,” it said. “Despite this additional expenditure, the profit for FY22 will be moderately ahead of current expectations.”
The group said its balance sheet remains strong, with net cash balances at FY22 expected to be in excess of £20m.
Full-year results are due in June.
At 0815 GMT, the shares were up 3.5% at 300p.
