MULBERRY GROUP (MUL) Trading update summary

Financial and operational performance

• Achieved 13.6% constant currency sales growth in H2 FY26, leading to 5.7% growth for the full year.

• Franchise and wholesale channels grew 33.3% YoY, with retail and digital channels also returning to growth in H2.

• All end markets reported positive like-for-like sales growth in H2, with EU retail & digital up 37.8%.

• Improved gross margin supported by a disciplined focus on full price sales and reduced discounting.

• Targeted investments enhanced brand positioning and product availability.

Strategic initiatives and brand momentum

• 'Back to Mulberry Spirit' strategy focused on business simplification, brand reignition, and customer connection.

• 'Rooted in Craft' campaign and successful product launches, such as the Bayswater Limited Edition, elevated brand awareness.

• Appointment of Christopher Kane as Ready-to-Wear Creative Director to drive creative leadership.

• Strong engagement from industry partners, including Selfridges and The Webster.

• Growing engagement from both existing and new customers, with improved sales quality and margins.

Outlook and leadership commentary

• CEO highlights decisive progress and clear business momentum despite challenging conditions.

• Strategy execution is delivering improved sales, margins, and customer engagement.

• Confidence expressed in building a sustainable, profitable business for the long term.