“FY26 has been a year of meaningful progress as we continue to deliver our Back to the Mulberry Spirit strategy,” said Andrea Baldo, chief executive officer, Mulberry Group.
Mulberry Group posted 4 per cent revenue growth to £125.5 million (~$168 million) in FY26, while gross profit rose 12 per cent to £90.2 million (~$120.9 million) as gross margin improved to 71.9 per cent.
Strong second-half momentum, driven by its ‘Back to Mulberry Spirit’ strategy, helped narrow losses, deliver positive underlying EBITDA and support a robust start to FY27.
“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, including delivering positive underlying EBITDA for the year, on the path to creating shareholder value,” added Baldo.
Basic and diluted loss per share improved to 13 pence from 50.4 pence in the previous year, Mulberry said in a press release.
Regional performance: Europe and wholesale lead gains
Retail and digital like-for-like revenue increased by 9 per cent, with more than half of UK retail and digital sales coming from returning customers.
UK retail revenue was stable YoY, but physical store sales rose 4 per cent and 19 per cent on a like-for-like basis, driven by new product launches and improved stock availability. UK digital revenue declined by 8 per cent, reflecting reduced promotional activity.
European retail revenue advanced 21 per cent (28 per cent like-for-like), led by strong performances in Ireland and Sweden, while European digital revenue jumped 33 per cent. In the US, revenue grew 6 per cent (9 per cent like-for-like), with digital sales up 8 per cent like-for-like.
Asia Pacific retail revenue fell 6 per cent due to store closures but increased 4 per cent on a like-for-like basis, with Australia and North Asia showing double-digit growth. Franchise and wholesale revenue surged 33 per cent to £14.6 million, supported by new UK partnerships with John Lewis, Liberty, Flannels and Harvey Nichols.
Mulberry posts double digit sales growth in H2
For the second half (H2) of FY26, it reported 13.6 per cent sales growth, reflecting strong momentum from its ‘Back to Mulberry Spirit’ strategy. All major markets recorded positive like-for-like sales growth, including the UK (+13.7 per cent), US (+20.1 per cent), EU excluding the UK (+37.8 per cent) and Asia Pacific (+20.8 per cent).
Positive start to FY27, medium-term targets reaffirmed
Trading in the first 13 weeks of FY27 has started strongly, with group revenue 23 per cent higher YoY and retail and digital revenue up 18 per cent, added the release. All regions delivered double-digit like-for-like growth except Asia Pacific, which saw a 32 per cent like-for-like increase despite a decline in reported sales. Franchise and wholesale revenue rose 56 per cent.
Mulberry remains focused on rebuilding gross margin and restoring profitability, with a medium-term goal of exceeding £200 million in annual revenue and achieving a 15 per cent adjusted EBIT margin. The company expects to maintain positive momentum, supported by a stronger product offer, brand campaigns and ongoing cost discipline.
Fibre2Fashion News Desk
