British luxury handbag maker Mulberry reported an 18% jump in first-half sales on Monday, driven by resilient demand for its heritage bags and a higher share of full-price sales, sending its shares nearly 4% higher in early trading. The company said trading was in line with the board's expectations. Mulberry maintained its medium-term goals after sales for the 26 weeks ended September 26 rose 18.2% in constant currency. CEO Andrea Baldo's "Back to the Mulberry Spirit" strategy has focused on the company's British heritage and craftsmanship and growing the brand with less discounting. "The growth in full-price sales is particularly encouraging, demonstrating that our collections are resonating with customers across our key markets," Baldo said. Shares of the company rose as much as 7.4% to 246 pence in early trade. Sales growth was led by the US, where revenue rose 28%, while sales in Europe excluding the UK increased 23%. UK sales were up 10%. Mulberry's Christopher Kane London Fashion Week show boosted brand visibility, customer engagement and traffic across sales channels, the company said. Final first-half results will be published on November 19.
