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Mulberry Group swings to loss in fiscal H1

Mulberry Group PLC said its normalized net income for the fiscal first half ended Sept. 30 came to a loss of 1 Great British pence per share, compared with the S&P Capital IQ consensus estimate of a loss of 3 pence per share.

The per-share result swung to a loss from the prior-year profit of 8 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of £725,000, compared with income of £4.5 million in the year-earlier period.

Total revenue declined 17.2% year over year to £64.7 million from £78.1 million, and total operating expenses decreased 7.1% year over year to £66.0 million from £71.0 million.

Reported net income came to a loss of £419,300, or a loss of 1 pence per share, compared to income of £5.1 million, or 9 pence per share, in the prior-year period.