Mulberry Group plc

Year End Trading Update

Mulberry Group plc (the "Group" or "Mulberry"), the British sustainable luxury brand, announces a trading update for its financial year ended 30 March 2024 ("FY24").

Against a backdrop of challenging macro-economic conditions and a decline in luxury consumer spending, especially in the last quarter, group revenue for FY24 declined -4% (-2.7% on CER*) versus the prior year, with gross margins maintained around those reported for the first half of the year. As previously highlighted, losses for the full year will be impacted by the additional operational costs of new stores in Sweden and Australia and ongoing important investments, including technology, supporting future growth of the Group.

*Constant exchange rates

Retail sales were in line with the prior year, driven by growth in Europe (which included the first full period of ownership of our Swedish stores) and the United States due to increased brand awareness and our direct to customer strategy. This was offset by a decline in the UK and Asia Pacific (excluding Australia), which continued to be challenging due to the macro-economic climate in China and reduced footfall across the region. The decline in franchise and wholesale sales was broadly in line with the first half of FY24, due to wholesale arrangements which converted to retail.

Thierry Andretta, Chief Executive Officer, commented: "While we achieved positive revenue growth in the first half, Mulberry has not been immune to the broader downturn in luxury spending experienced in recent months, particularly in the UK and Asia. This decline was partially offset by positive trading in the US, where we have benefitted from increased brand awareness." 

"Looking ahead, the trading environment in the UK and China remains challenging and we do not expect this to change in the short term. We are therefore managing the business prudently, focusing on executing our strategy and vision to become a global sustainable luxury brand."

FOR FURTHER DETAILS PLEASE CONTACT:

Mulberry

Charles Anderson                                                                                                Tel: +44 (0) 20 7605 6793

Headland (Public Relations)

Lucy Legh / Joanna Clark                                                                                    Tel: +44 (0) 20 3805 4822

mulberry@headlandconsultancy.com 

Houlihan Lokey Advisory Limited (Financial Adviser and NOMAD)

Tim Richardson                                                                                                     Tel: +44 (0) 20 7839 3355

Peel Hunt LLP (Corporate Broker)

George Sellar                                                                                                        Tel: +44 (0) 20 7418 8900