Mulberry boss remains upbeat despite lossComments Off on Mulberry boss remains upbeat despite loss
Mulberry’s first-half results today revealed a £1.1 million loss — slumping from a £7.2 million profit the previous year — with overall sales down slipping 17% to £64.7 million.
But executive chairman Godfrey Davis said that after a string of profit warnings its new strategy to “return Mulberry to growth” was “beginning to bear fruit”.
For the nine weeks to the end of November, total retail sales were up 8% and online sales jumped 18% compared with the same period last year.
Davis said the run-up to Christmas and January is key for the brand but sales were “encouraging”.
The group’s shares crashed 70% from a 2012 peak when an ill-fated focus on £2000-plus bags backfired.
Chief executive Bruno Guillon left and Davis returned to introduce more bags at its “entry” price level of around £500.