Mulberry Group (LSE: MUL) saw annual revenue decline 4% due to a drop in luxury consumer spending and challenging economic conditions, particularly in the last quarter.
The company maintained gross margins but expects full-year losses due to new store openings and ongoing investments.
While European and US sales rose, the UK and Asia Pacific regions struggled. CEO Thierry Andretta acknowledged the difficulties, particularly in China, but highlighted positive growth in the US.
The fashion company remains cautious about the short-term outlook and is focusing on its long-term strategy for sustainable luxury growth. Mulberry’s share price dipped 2.3% on the news.
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