British luxury fashion label Mulberry, expectedly, has had a tough first half as is now indicated by its half yearly reports.
The Group revenue has witnessed a revenue slump of 29 per cent in the first half that ended 26 September 2020 – all thanks to the pandemic-induced store closures and subsequent lockdown.
The 6-month period saw the revenue fall to £48.8 million from £68.9 achieved during the same period last year.
However, despite all challenges, Mulberry improved its adjusted loss before tax to £1.09 million during the half-yearly period – the loss was £10.1 million in 2019.
The fashion retailer attributed the improved numbers to the preventive measures initiated in the aftermath of the pandemic as well as strong online growth.
Notably, the e-commerce sales during the said period jumped by 68 per cent to £24.3 million compared to £13.9 million the previous year.
Regionwise, the retailer saw its sales in the Asia Pacific go up by 28 per cent.
The retailer added that the 6-month period ended with a net cash increase of £8.6 million, which it attributed to meticulous cash control.
Mulberry is meanwhile happy that the lockdown is ending in England next week and it will now be able to trade on all platforms in the festive season.
The retailer, known for its clothes and bags, has stores all over Europe, the US, Asia and Australia.