Results round-up

Luxury retailer Mulberry reported a rise in full-year sales and profit on Wednesday thanks to product launches and the online business.

For the year to the end of March, pre-tax profit was up 21% to £7.5m on revenue of £168.1m, up 8% from the previous year. Retail sales including digital were 8% higher at £128.3m, with like-for-like sales up 5%. Meanwhile, revenue from digital channels increased 19% to represent 15% of group revenue.

Wholesale revenue, comprising sales to partner stores and selective multi-brand wholesale accounts, were up 7% to £39.8m.

A number of services were added to the group's omni-channel offer during the period and local mulberry.com sites were introduced in China and Korea. In the USA, a local distribution centre has been established in order to facilitate local fulfilment.

The group said sales were helped by a significant number of new products launched under the creative direction of Johnny Coca, such as the Zipped Bayswater bag, which has become an immediate bestseller since its launch in October last year.

Chief executive officer Thierry Andretta said: "During the year we have made good progress. Our sales and profits are growing, enhancing our strong cash position.
We have advanced our international growth strategy with a new partnership in Asia and the continued expansion of our omni-channel offer in key markets. We have generated strong creative momentum with new products that are well received by our existing and new customers.

"Looking ahead, we will continue to invest in advancing our international development and increasing Mulberry's relevance to our customers' rapidly evolving lifestyle."

As far as current trading is concerned, Mulberry said retail LFL sales including digital were up 1% for the 10 weeks to 3 June.

The Gym Group said on Wednesday that full-year profit is expected to be in line with consensus market views after trading in the first five months of the year met the board's expectations.

In a trading update ahead of its Capital Markets Day, the operator of low-cost gyms said total members at the end of May were up 19.6% from the first half of last year to 507,000, while average membership for the five months was 18.6% higher at 498,000.

The group said six new gyms will have opened by the end of the first half, bumping the total estate up to 95 sites. Two of the sites at Holborn Circus and Bloomsbury were acquired from Fitness First UK in August 2016 and were subject to a full strip out and refurbishment to the Gym Group specification. The other sites opened are at Edinburgh Murrayfield, High Wycombe, Altrincham and Rotherham. All sites opened in 2017 are trading as expected.

The Gym Group said the pipeline continues to be strong for the rest of this year and is building well for 2018. It reiterated guidance that it expects to open towards the top end of its forecast range of 15 to 20 openings for the full year.

Chief executive officer John Treharne said: "There remains a substantial opportunity with strong fundamentals underpinning our growth and we are confident in delivering continued profitable progress."