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Leathergoods - Asia drives Mulberry’s revenue
02 December 2020

The British leather goods brand has reported retail sales in Asia Pacific up 28% for the 26 weeks ended September 26,2020, and global digital sales up 68%.

 


Alexa by Mulberry

 

Mulberry’s total revenue declined 29% to £48.9 million (US$65.45 million), which primarily reflected the impact of Covid-19 and the closure of the majority of stores from the start of the period, according to the company. Digital sales rose 68% in the period to £23.4 million (US$31.32 million), while retail sales in the Asia Pacific region increased 28%. Digital sales represented 67% of Group revenue in the first quarter, up from 23% a year ago, and 32% in the second quarter from a previous 17%.

Adjusted loss before tax was £1.9 million (US$2.45 million) compared with £10.1 million (US$13.51 million) in the corresponding period of 2019, before adjusting items of £0.5 million (US$669,000), “reflecting actions taken in response to Covid-19, strong growth in Asian markets and strength of digital business”, said Mulberry. Period end Group net cash increased to £8.6 million (US$11.50 million) from £6.4 million (US$8.56 million), “maintained through rigorous cost and cash control”. The company said inventory reduced 13% to £33.6 million (US$45 million), “reflecting the benefit of our agile supply chain and actions taken to manage inventory levels in line with anticipated demand as a result of Covid-19.”

To read the rest of this report, click on ILM - Mulberry

 

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