Mulberry fashion group profits from higher sales

Mulberry's products are much in demand

Mulberry, the luxury goods group best-known for its bags, has reported a substantial rise in profits, thanks to higher sales keeping up prices.

The UK firm's pre-tax profit was £4.7m in the six months to 30 September, compared with £1.5m a year earlier.

Mulberry said higher sales meant there was little end of summer season stock left to be sold at reduced prices, which maintained its profit margins.

It said it was "very positive" about the second half of its financial year.

Mulberry's total revenues for the six months rose 38% to £44.7m.

The company also expanded its overseas presence during the period, adding new stores in Hong Kong, South Korea, Qatar and the United Arab Emirates.