Mulberry in the red as tough UK trading and investments take toll
Mulberry’s total revenues and pre-tax profits both fell last year, despite healthy growth in its international sales.
The luxury brand known for its handbags saw a 6% like-for-like sales decline in its core UK market in the 53 weeks to March 30, which offset a 7% rise in international sales.
Total revenue was down 2% year on year to £166.3m – with adjusted profits before tax coming in at £1m, down from £8m the previous year.
As a result, Mulberry swung to a pre-tax loss of £5m, compared to a £6.9m profit in the 2018/19 financial year.
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