British fashion firm Mulberry (LON:MUL) bucked the economic climate by posting an impressive 358 pct increase in its pre-tax profit to £23.3 million compared to last year.
And strong consumer demand for the 40-year-old firm's products is continuing, it said, as it released its results for the year to 31 March 2011.
"Mulberry has increased sales by 69 percent year on year and delivered a step change in profitability," said chairman and CEO Godfrey Davis today.
"Strong demand in all markets has continued into the new financial year and the outlook for the Mulberry brand is positive.While we remain cautious about the global economic environment, we are focused on accelerating our international expansion."
Online sales in the year grew 64 percent to £9.2 million, accounting for 8 percent of sales, said the fashion firm, which also revealed that EPS for the year was up 473 percent to 29.8 pence (2010: 5.2 pence).
It also announced a proposed dividend of 4 pence a share compared to 2,2 pence per share in 2010 - a hike of 82 percent.
Post year-end, during the ten weeks to 4 June, total retail sales were 38 percent above the same period in 2010 with like-for-like sales up 42 percent, said the handbag maker.
Last month, the firm delivered the new Taylor bags, which were well received and, in Europe, Mulberry has taken back the distribution rights for Germany, the Netherlands and Belgium from its agents and the retail rights from its Amsterdam franchise partner.
The company added that it wants to open around ten stores in Germany, Switzerland and Austria over the next 3 years and in New York, it is opening a new 5,000 sq ft flagship store on Spring Street.
It has also begun looking for sites in Los Angeles and San Francisco where it wants to launch a small group of stores over the next two years.
"We continue to build production capacity with our partners around the world in order to meet the rapidly growing demand," it said.
In the UK, the firm is expanding its factory in Somerset - adding around 30 percent to UK capacity.