Vicky McKeever writes:
British luxury handbag maker Mulberry reported a decline in profits and widened losses in its half-year results.
Group revenue had slumped 19% to £56.1m, with the biggest fall coming from its Asia Pacific business, where sales had dropped 31% to £9.3m.
Mulberry reported a £15.7m loss before tax, which was up from a loss of £12.8m in the same period last year.
However, Mulberry CEO Andrea Baldo, who took on the role less than three months ago, said that the company had taken “decisive steps to streamline operations, improve margins, reduce working capital, and strengthen our cash position”.
“This has also meant reviewing our internal team structure to ensure we become a leaner, more agile organisation,” he said. “Additionally, we’ve made strategic adjustments to our product, pricing and distribution strategies, and we’ve begun discussions with luxury wholesale partners to ensure we are present wherever our customers shop.”
Shares were up nearly 2% on the back of the results on Tuesday morning.
