Mulberry reports revenue loss for first half

United Kingdom
Published:  01 December, 2022
Credit: Mulberry

British leather goods brand Mulberry has reported its results for the twenty-six weeks ending October 1, 2022, with a revenue drop of 1%.

Group revenue for the period was down by 1% to £64.9 million (US$79.05 million) with UK retail sales notably dropping by 10% to £34.1 million (US$41.5 million).

Meanwhile, China retail sales were up by 6% despite Covid restrictions, helping push Asia Pacific to a 1% increase and a revenue result of £11.9 million (US$14.49 million). International retail sales were in line with the previous year at £17.5 million (US$21.32 million).

Gross margin for the period was 71%, which Mulberry attributed to a continued strategic focus on full-price sales and increased volume efficiencies. Finally, the company reported a loss before tax of £3.8 million (US$4.63 million).

CEO Thierry Andretta said: “Looking ahead, we are confident in our ability to execute our strategy and to continue to invest across the Group for our future growth, in spite of the challenging economic and geopolitical backdrop. We are well placed for the festive trading period and will continue to drive the business forward to the benefit of all stakeholders."