MULBERRY GROUP (MUL) Q2 2027 TU earnings summary

H1 sales and markets

• Sales increased 18.1% YoY at actual currency rates and 18.2% at constant currency, in line with Board expectations.

• Reported sales growth by region: UK +10%, USA +9%, Europe ex UK +28%, Asia Pacific +34%; franchise and wholesale +23%.

• US performance benefited from stronger customer demand, positive digital sales including Bloomingdale's Marketplace, and expanded wholesale presence; Europe also performed strongly.

• Franchise and wholesale represented 17% of total sales, up from 16% in H1 26.

Product and brand

• Seasonal and core collections both saw strong demand; Raffia, Crochet, Stevie and Darley Camera Bag performed particularly well alongside Bayswater and Lily.

• The Mulberry by Christopher Kane runway show at London Fashion Week increased brand visibility, customer engagement and traffic across stores, digital platforms and third-party partners.

• Delilah, Oxblood and Vintage Oak colourways launched ahead of H2.

Trading and profitability

• Disciplined trading supported strong full-price sales; excluding markdown activity, promotional sales were 300 bps lower as a proportion of sales YoY.

• Priorities remain rebuilding gross margin and restoring profitability, with a continued focus on full-price growth and cost management.