Mulberry announced its half yearly results and in the 26 weeks to September 26, the brand’s revenue declined 29 per cent to £48.9 million as most of its stores had to close for a long period. The company made a pre-tax loss of £2.3 million while after tax loss narrowed down to £2 million from £8.9 million of a year earlier.
Digital sales rose by 68 per cent to £23.4 million and Asia Pacific retail sales increased 28 per cent, “driven by ongoing investment in region”. The group’s net cash was also higher at the end of the period by over £2 million “through rigorous cost and cash control”.
The company’s sales trajectory has been improving, with sales declining by 39 per cent in Q1, and by a lesser 18 per cent in Q2. And while the proportion of digital sales fell from 67 per cent in Q1 to 32 per cent in Q2, that latter figure was still much higher than the 17% of a year earlier. The company also managed to recoup some lost outlet store sales by creating a digital off-price site in April.
The company operates 111 retail and franchise partner stores globally and while a number of these are currently closed due to lockdowns, sales trends seen in Q2 continued into October, with improving stores sales, a strong digital performance and continuing growth in Asia.