Mulberry’s losses widen as UK sales decline
Mulberry said it made a pre-tax loss of £9.9 million in the 26 weeks to 28 September. This compares to a first half loss of £8.8 million last year.
In a trading update, the company said revenue rose slightly to £68.9 million from a previous £68.3 million as international sales increased by 12%. However, UK sales fell by 4% in the period as Mulberry struggled against lower footfall in its stores and difficult trading conditions.
Meanwhile, global online sales climbed by 23%.
Mulberry also gave an update on current trading which it said is following a similar pattern to the first half with international sales rising and UK sales remaining challenging.
Thierry Andretta, Mulberry chief executive, added: “We are seeing the benefit of recent initiatives in Asia which remains a significant growth opportunity. This will support our ambition for international to become a greater proportion of group revenue.
“Looking forward, we will continue to build Mulberry as a global luxury brand with a strong focus on sustainability and innovative product, appealing to both our existing customers and new audiences.”
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