Mulberry has reported its financial results for the first half of the 2024 fiscal year, when group revenue was down 19% to £56.1 million (US$71.05 million).
Credit: Mulberry
United Kingdom retail sales were down by 14% in the period to £31.3 million (US$39.64 million), while Asia Pacific had a drop of 31% to £9.3 million (US$11.78 million).
Total International retail sales declined by 17% to £19.5 million (US$24.7 million) and Mulberry noted that the Asia Pacific drop was slightly offset by a growth of 2% in the rest of the world.
Digital sales made up 33% of group revenue for the period, with sales from the UK website up 6% alone.
The company has taken action to reduce costs and reported that operating expenses decreased by 16% to £50.7 million (US$64.21 million), but the brand ultimately had a loss before tax of £15.7 million (US$19.88 million).
CEO Andrea Baldo said: “In response to current market conditions, we have taken decisive steps to streamline operations, improve margins, reduce working capital and strengthen our cash position. This has also meant reviewing our internal team structure to ensure we become a leaner, more agile organisation. Additionally, we’ve made strategic adjustments to our product, pricing, and distribution strategies, and we’ve begun discussions with luxury wholesale partners to ensure we are present wherever our customers shop.
“There is no question that our industry is facing a period of significant uncertainty, driven by a challenging and volatile macroeconomic environment that is impacting consumer confidence in several markets, particularly in our home country. However, with the teams’ efforts on cost-cutting, a strengthened balance sheet, a renewed brand-first approach and a refreshed business strategy – details of which I’ll share in due course – I am confident we are making the right moves to bring Mulberry back to profitability.”
京公网安备 11010202009378号
