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Shares of Mulberry Group PLC (LON: MUL) fell more than 11% today after the fashion luxury brand posted an annual loss of £14.2 million.

The company previously saw its revenue drop 10% in the year ending March 28. As for the current year, Mulberry said revenue fell 29% for the 26-week period ending September 26. Still, reported figures are ahead of the company’s early expectations.

“However, we cannot escape the reality that British luxury and UK cities face a very uncertain future, hampered by necessary but dramatic social distancing measures and alarmingly low levels of footfall, as well as the pressures of high rents and business rates and the upcoming changes to tax free shopping,” Mulberry’s chief executive Thierry Andretta said.

Online revenue skyrocketed 69% as the pandemic and national lockdowns shut stores across the country. Amid the uncertainty, the company said it will not be paying a full-year dividend.

Mulberry share price saw its revenue tumble 29% October 2020

Mulberry share price currently trades at 151p, or 9.04% lower on the day.

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