MULBERRY GROUP (MUL) H2 2026 earnings summary

Executive summary

• Achieved meaningful progress on the "Back to the Mulberry Spirit" strategy, returning to growth and significantly reducing losses.

• Positive underlying EBITDA delivered for the year, with momentum building in the second half.

• Over 50% of UK Retail and Digital sales from returning customers, indicating strong brand resonance.

• All regions delivered double-digit like-for-like growth in H2, with this trend continuing into FY27.

Financial highlights

• Group revenue increased by 4% to £125.5m year-over-year, with H2 revenue up 11%.

• Gross margin rose to 72% from 67% in FY25, driven by stronger full-price trading and lower promotional activity.

• Reported loss before tax improved to £(8.9)m from £(32.2)m in FY25.

• Operating expenses reduced by 10% to £96.2m, despite continued investment in marketing and digital.

• Gross profit increased 12% to £90.2m, with operating loss narrowing to £4.3m from £27.1m.

Outlook and guidance

• Trading in FY27 started strongly, with group revenue for the first 13 weeks up 23% year-over-year.

• Retail & Digital revenue up 18% (21% LFL), with all regions showing double-digit LFL growth except Asia Pacific, which saw a 28% decline but a 32% LFL increase.

• Franchise and Wholesale revenue up 56% year-over-year.

• Medium-term targets reaffirmed: annual revenue over £200m and 15% adjusted EBIT margin.