Mulberry losses deepen due to Covid-19
Struggling global handbag and accessories retailer Mulberry has seen its losses deepen due to the ongoing effects of the coronavirus on sales.
In its preliminary results for the 52 weeks to March 28, 2020, Mulberry said adjusted losses before tax had steepened significantly. On an underlying basis, Mulberry reported a £14.2m loss, largely as a result of the pandemic’s effects on future trading.
Including £33.1m in adjusting items, the retailer reported loss before tax was £47.9m, compared with £5m in the corresponding year.
Group revenue for the period was down 10% to £149.3m, while the retailer’s net cash for the period slipped to just £7.2m reflecting increased losses.
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