Overview
- Mulberry reported on Wednesday that group revenue for the year to March 28 rose 4% to £125.5 million while loss before tax narrowed to £8.9 million and alternative measures showed an £8.0 million shortfall.
- The company moved back to a positive EBITDA of £0.8 million after a £16.8 million loss the prior year, driven by a gross margin increase to 71.9% that the firm attributes to fewer promotions and stronger full-price selling.
- Early trading in the new financial year showed stepped-up momentum with group revenue up 23% for the 13 weeks to June 27 and retail and digital sales rising 18% or 21% like-for-like.
- Mulberry strengthened its liquidity with a £20 million convertible loan from its two largest shareholders and new committed banking facilities to July 2028 while keeping tight control of operating costs.
- Management is using refreshed product launches, a new creative team led by Christopher Kane and a planned London Fashion Week return to win back U.K. customers and aim for more than £200 million revenue and a 15% EBIT margin over the medium term.