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Mulberry Group fiscal H2 profit falls 44.1% YOY

Mulberry Group PLC said its normalized net income for the fiscal second half ended March 31 came to 6 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 6 pence per share.

EPS fell 42.6% year over year from 10 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £3.6 million, a decline of 44.1% from £6.4 million in the prior-year period.

Total revenue decreased on an annual basis to £84.0 million from £85.4 million, and total operating expenses grew year over year to £78.3 million from £75.3 million.

Reported net income totaled a loss of £958,400, or a loss of 2 pence per share, compared to income of £3.5 million, or 6 pence per share, in the year-earlier period.

For the year, the company's normalized net income totaled 5 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2 pence.

EPS declined 73.9% from 18 pence in the prior year.

Normalized net income was £2.8 million, a decline of 74.0% from £10.9 million in the prior year.

Full-year total revenue fell 9.0% from the prior-year period to £148.7 million from £163.5 million, and total operating expenses decreased on an annual basis to £144.3 million from £146.4 million.

The company said reported net income came to a loss of £1.4 million, or a loss of 2 pence per share, in the full year, compared with income of £8.6 million, or 14 pence per share, the prior year.