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Mulberry group revenue falls 23% following Covid-led store closures
StockMarketWire.com
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Group revenue at luxury retailer Mulberry fell 23% in its 2021 financial year, after Covid-19 left many of its physical stores shut during the period.
As physical stores were closed, digital sales shot up 55%, after consumers switched to shopping online.
Mulberrys profit fell to £91.1 million for the year ended 27 March 2021, down from £73.1 million the previous year.
Despite the retailers difficulties, international sales increase 4% to £33.8 million, with growth of 36% in the Asia Pacific region, driven by ongoing development in the area.
Mulberry CEO Thierry Andretta said: I have been immensely proud to lead Mulberry this year. In the last 12 months our teams have faced enormous challenges posed by the global health crisis and have responded with resilience, resolve and passion.
We have been able to leverage our leading omni-channel position, achieving very strong growth in Asia, and have served the communities in which we operate, including repurposing our factories to produce over 15,000 reusable PPE gowns for frontline NHS workers.
We have delivered a robust financial performance and have made good strategic progress in our journey to build Mulberry as a leading sustainable global luxury brand.
At 2:44pm: (LON:MUL) Mulberry Group PLC share price was 0p at 170p
Story provided by StockMarketWire.com
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