Mulberry\'s annual profit up 21 percent on new products, online gains
LONDON (Reuters)- British luxury brand Mulberry reported that its annual profit rose by 21%, thanks to the increase in popular new products and online sales. The company, known for its leather handbags, said on Wednesday that it had a pre-tax profit of £ 7. The year to March 31 was 5 million, up from 6. 2 million in 2015 Revenue grew 8% to 168. 1 million. Sales from digital channels increased by 19%, accounting for 15% of the group\'s revenue, while new products such as \"zipper Bayswater\" handbags gained momentum. \"We have made great progress in this year. We are growing our sales and profits, which is strengthening our cash strength . \" Sang said like-for- Retail sales in the UK rose 1% in the 10 weeks ended June 3for- Sales rose 2% year on year. Despite a slowdown in domestic demand, the UK continues to benefit from growth in travel spending in London, the company said. Mulberry\'s share price rose 9% from last year, down 2% at 1,108 GMT to 0713 p at a valuation of 670. 5 million. nds.