Mulberry boosted by ‘encouraging’ first half performance
Mulberry has been boosted by an “encouraging first half” following early progress in its turnaround efforts.
In the six months to 27 September, the luxury brand reduced its pre-tax loss to £6.9 million from £15.7 million in the same period in the prior year.
Mulberry said this was driven by stable gross profit, strong cost control, and a focus on profitable locations in core markets.
Trading was in line with the board’s expectations as Mulberry executed its “Back to The Mulberry Spirit” strategy. Group revenue declined by 4% to £53.9 million, although wholesale revenue rose by 36%.
Andrea Baldo, chief executive of Mulberry, said: “This has been an encouraging first half as we continue to deliver our ‘Back to the Mulberry Spirit’ strategy.
“We’re still early in the turnaround, but the foundations we’ve put in place are working, and we’re starting to see that reflected in performance.”
Looking ahead, Baldo added: “While we remain mindful of the wider trading environment, current momentum gives us confidence as we enter the key festive trading period.
“We’re focused on maintaining this progress and continuing to build a stronger, resilient business for the long term.”
