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Mulberry reports strong growth in Asian markets and digital sales despite revenue decline

By BFN News | 09:47 AM | Thursday 26 November, 2020


Luxury handbag maker Mulberry has posted a decline in group revenue due to store closures, but said that digital sales soared 68% and Asia Pacific sales also grew. In its results for the 26 weeks ended 26 September 2020, the company reported group revenue fell 29% to £48.9m, primarily reflecting the impact of Covid-19 and the closure of the majority of its stores from the start of the period. Digital sales during the period rose 68% to £23.4m and represented 67% of group revenue in the first quarter and 32% in the second quarter. Asia Pacific retail sales increased 28%, driven by ongoing investment in the region, Mulberry said. The company announced an adjusted pre-tax loss of £1.9m before adjusting items of £0.5m, 'reflecting actions taken in response to Covid-19, strong growth in Asian markets and strength of digital business'. Chief executive Thierry Andretta said its long-term strategy had enabled Mulberry to 'withstand some of the pressures' it had been faced with. Andretta added: 'In particular, using our market leading global digital network to replace retail sales with digital wherever possible, achieving high growth in China and Korea, and reacting quickly to flex our agile supply chain, enhancing market reactivity and reducing lead time, to match the increase in digital demand.' At 9:47am: (LON:MUL) Mulberry Group PLC share price was 0p at 170p Story provided by StockMarketWire.com

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