Mulberry cuts annual losses as sales climb

Mulberry made a loss before tax of £8.9m in the year to March 28, down from £32.2m the previous year. Group revenue advanced 4% to £125.5m, “with growth accelerating 11% in the second half”.

Trading in the new financial year has “started positively [as] momentum from the second half” continued, the business said.

Mulberry chief executive Andrea Baldo said: “FY26 has been a year of meaningful progress as we continue to deliver our Back to the Mulberry Spirit strategy.

“Back in January 2025, I set out my immediate priorities to restore profitability, rebuild gross margin and invest in brand building initiatives, and I am pleased with the progress we have made against those objectives.

“We returned the business to growth, significantly reduced our losses and strengthened gross margin through greater full-price discipline. Momentum built throughout the year, with a particularly strong second half, demonstrating that the actions we have taken are delivering tangible results, including delivering positive underlying EBITDA for the year, on the path to creating shareholder value.

“What encourages me most is the response from UK customers. More than half of our retail and digital sales came from returning customers, demonstrating that we are winning back former clients who already know and love the Mulberry brand and the importance of regaining relevance in our home market in order to grow internationally. Indeed, the new products and brand campaigns also resonate well with new audiences internationally, with all regions delivering [like-for-like] double-digit growth in the second half of the year, and this trend continues in the first quarter.

“The return of the Roxanne [bag], our first launch under the new creative team, followed by the introduction of the new leather and non-leather families and the continued reinvigoration of icons such as the Bayswater limited edition, demonstrates that global customers recognise the value of exceptional British craftsmanship, creativity and timeless design.

“There is still more to do, and we are, of course, mindful of the wider macroeconomic environment. But I am more confident than ever that we are building a business that is well positioned to deliver sustainable, profitable growth over the long term.”