Mulberry hails year of ‘meaningful progress’ as turnaround gathers pace
Mulberry has hailed a year of “meaningful progress” as it reported narrowed losses and increased revenue.
The luxury handbag brand posted a 4% rise in group revenue to £125.5 million in the year to 28 March, with growth accelerating 11% in the second half.
Retail and digital like-for-like revenue climbed by 9%, with momentum building throughout the year, while gross margin rose to 72% from a previous 67%, reflecting stronger full-price trading and reduced promotional activity.
Subscribe to TRBThe company reported a pre-tax loss of £8.9 million compared to a loss of £32.2 million in the previous year. Its underlying pre-tax loss also improved, narrowing to £8 million from £24.1 million a year earlier.
Meanwhile underlying EBITDA came in at £0.8 million, representing a positive improvement of £17.6 million.
Mulberry said its performance was boosted by strong cost control, which meant operating expenses were cut by 10% to £96.2 million.
Andrea Baldo, chief executive officer at Mulberry, said: “FY26 has been a year of meaningful progress as we continue to deliver our Back to the Mulberry Spirit strategy. Back in January 2025 I set out my immediate priorities to restore profitability, rebuild gross margin and invest in brand building initiatives, and I am pleased with the progress we have made against those objectives.
“What encourages me most is the response from UK customers. More than half of our retail and digital sales came from returning customers, demonstrating that we are winning back former clients who already know and love the Mulberry brand and the importance of regaining relevance in our home market in order to grow internationally.”
Looking ahead, Baldo said there was there was still more to do while remaining mindful of the wider macroeconomic environment.
He added: “I am more confident than ever that we are building a business that is well positioned to deliver sustainable, profitable growth over the long term and to ultimately achieve our medium-term goal of over £200 million of revenue with a 15% EBIT margin.”
