Mulberry (LON: MUL) shares fell significantly in early Wednesday trading after the company reported its results for the twenty-six weeks ended October 1, which saw it swing to a loss.
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The British fashion brand reported that revenue fell 1% to £64.9 million from £65.7 million during the same period last year, with the company’s UK sales impacted by the broader economic environment. UK revenue declined 10% to £34.1 million. However, it was offset by China retail sales increasing by 6%, while international retail sales remained in line.
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Digital sales came in lower, accounting for 25% of total revenue compared to 29% last year, as UK consumers continued to return to a physical shopping experience.
The firm’s reported loss before tax came in at £3.8 million, down from a profit of £10.2 million during the same period last year.
“The wider macro-economic environment continues to present some uncertainty, in particular with regards inflationary pressures. As a business we are managing inflationary challenges through various measures,” the company said.
Despite the current macroeconomic challenges, the company has seen an improvement in retail revenue trends for the eight weeks to 26 November compared to the same period last year and is well prepared for the festive trading season.
At the time of writing, Mulberry shares are down 18.6% to 232p after initially hitting a low of 206p.
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