The luxury British brand has reported a pre-tax loss of £47.9M.
Although Mulberry Chief Executive Thierry Andretta commented that the company was performing well prior to Covid-19, revenue for the brand has fallen by 10 per cent to £149.3M. International retail sales increased by 4 per cent to £32.4M after seeing a huge rise in the Asia region by 30 per cent, however this was offset by a 14 per cent decrease in the rest of the world retail sales.
Andretta commented: “Post year-end, the group has continued to benefit from its long-term strategic focus with initial sales ahead of our early expectations. However, we cannot escape the reality that British luxury and UK cities face a very uncertain future, hampered by necessary but dramatic social distancing measures and alarmingly low levels of footfall, as well as the pressures of high rents and business rates and the upcoming chances to tax free shopping.”
The ongoing effects of the Covid-19 pandemic continue to challenge the retail landscape however Andretta remains positive, concluding: “We cannot control external events, but we have a clear strategy and remain confident in the strength of the Mulberry brand.”
