Mulberry Group plc

Trading Update

Mulberry Group plc (the "Group" or "Mulberry"), the British sustainable luxury brand, announces a trading update for the 13 weeks ended 30 December 2023 (the "period").

Group revenue in the period was down -8.4% (-6.6% on CER*) versus the prior year period, impacted by the challenging macro-economic backdrop and decline in luxury consumer spending.  In the run up to Christmas, the Group maintained its full price sales approach.

*Constant exchange rates

Group revenue for the 39 weeks ended 30 December 2023 was up +0.1% (+1.3% on CER) versus the prior year, with gross margins in line with those reported for the first half of the year. As previously highlighted, results for the full year will be impacted by the additional operational costs of new stores in Sweden and Australia and ongoing important investments, including technology, supporting future growth of the Group.

Thierry Andretta, Chief Executive Officer, commented: "In the run up to Christmas, the macro-economic environment continued to impact consumer spending in the luxury retail sector, which Mulberry was not immune from. Despite this, the Group maintained its discipline and focus on a full price strategy against an unusually high promotional environment.  Our international sales remained positive, supported by our strategy to bring in-house ownership of overseas stores. In the UK, we continue to believe the lack of VAT-free shopping is impacting the retail landscape, as well as the hospitality, leisure and tourism sectors. Looking ahead, we are continuing to execute our plans and remain confident that our investments will underpin future sustainable growth."

For further details please contact:

Mulberry Group plc

Charles Anderson                                                                                                            Tel: +44 (0) 20 7605 6793

Headland (Public Relations)

Lucy Legh / Joanna Clark                                                                                               Tel: +44 (0) 20 3805 4822

Houlihan Lokey UK Limited (Financial Adviser and NOMAD)

Tim Richardson                                                                                                               Tel: +44 (0) 20 7839 3355