By Matteo Castia
Mulberry Group PLC reported a narrowed loss for the first half of fiscal 2021 despite the coronavirus pandemic hurting revenue.
The British luxury brand on Thursday posted a pretax loss of 2.4 million pounds ($3.2 million) for the half-year ended Sept. 26, compared with a restated loss of GBP10.1 million in the year-earlier period.
Revenue fell 29% to GBP48.9 million, hit by the closure of shops during the U.K's spring lockdown. Sales improved in the second quarter, being down 18% on the year compared with a 39% fall in the first quarter.
Sales in the eight weeks to Nov. 21 were down 19% year-on-year, reflecting the new lockdown in England. However, a stronger Asian market and e-commerce partly offset the headwind, the company said.
"Despite the recent positive news about vaccine progress, Covid-19 is likely to continue to impact our trading for at least the remainder of the current financial year," Mulberry said.