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Mulberry has significantly reduced its losses and returned to growth in its latest financial year, as the British luxury brand’s turnaround strategy continued to gain momentum.
For the 52 weeks to 28 March 2026, Mulberry reported a loss before tax of £8.9 million, compared with £32.2 million the previous year. Underlying losses narrowed to £8 million from £24.1 million, while the business returned to positive underlying EBITDA of £0.8 million, an improvement of £17.6 million year on year.
Group revenue increased 4% to £125.5 million, with growth accelerating in the second half of the year. Retail and digital like-for-like sales rose 9%, while gross margin improved from 67% to 72% as Mulberry focused on full-price trading and reduced promotional activity.
The improvement comes as Mulberry continues to execute its “Back to the Mulberry Spirit” strategy under CEO Andrea Baldo, focusing on restoring profitability through stronger full-price trading, reduced promotional activity and renewed investment in the brand.
Baldo said: “We returned the business to growth, significantly reduced our losses and strengthened gross margin through greater full-price discipline. Momentum built throughout the year, with a particularly strong second half, demonstrating that the actions we have taken are delivering tangible results.”
The retailer also reported a strong start to the new financial year, with group revenue rising 23% in the first 13 weeks to 27 June 2026. Retail and digital sales increased 18%, supported by double-digit like-for-like growth across all regions.
The latest results build on the progress outlined in Mulberry’s trading update earlier this year, when the company reported improving sales across all of its key markets as its turnaround strategy gained traction.
They also follow the appointment of Christopher Kane as Ready-to-Wear Creative Director and the brand’s planned return to London Fashion Week in September, marking a renewed focus on strengthening its creative credentials.
Looking ahead, Mulberry said it remains focused on delivering sustainable long-term growth, with a medium-term target of generating more than £200 million in annual revenue alongside a 15% EBIT margin.