Mulberry Group narrows loss, reports revenue growth in FY26

British luxury brand Mulberry Group has reported a significant narrowing of losses and a return to revenue growth for its latest fiscal year, marking a pivotal step in its ongoing turnaround effort. For the 52 weeks ended March 28, 2026, the company reduced its reported pretax loss to 8.9 million pounds from 32.2 million pounds a year earlier. Group revenue rose 4 percent to 125.5 million pounds, with growth accelerating to 11 percent in the second half of the year.

The improvement was driven by a strategic shift toward full-price sales and reduced promotional activity, which boosted the gross margin to 72 percent from 67 percent. Operating expenses fell 10 percent year-on-year to 96.2 million pounds, even as the company continued to invest in marketing and digital operations. The company also achieved positive underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) of 800,000 pounds, a sharp reversal from a loss of 16.8 million pounds in the prior year.

Chief Executive Andrea Baldo attributed the progress to the "Back to the Mulberry Spirit" strategy launched in early 2025, which focuses on restoring commercial discipline, reconnecting with existing...