Mulberry Group profit surges on expanded product range

British handbag maker Mulberry Group Plc posted a three-fold jump in full-year pretax profit as it attracted a large number of customers with a more affordable product range.

Profit before tax rose to 6.2 million pounds for the year ended March 31, the company said on Thursday.

Mulberry, whose overseas business accounts for about 30 percent of its total revenue, said its international retail sales, including digital, were up 3 percent to 21.3 million pounds.

Mulberry has spent the past two year sprucing up its range and reconnecting with its lower-priced roots after a move to a more exclusive luxury position backfired, resulting in a 74 percent fall in full-year profit for the year ended 2015.

The company said total retail sales for the 11 weeks to June 11 were up 4 percent on a like-for-like basis and that it expected the rollout of its new Autumn Winter collection to be completed by August.

Mulberry, known for its classic leather bags, said full-year retail sales rose 8 percent to 118.7 million pounds, while total revenue rose 5 percent to 155.9 million pounds.