Mulberry reported FY26 revenue of £125.5 million, up 4%, with pre-tax losses narrowed to £8.9 million and underlying losses improving to £8 million as the turnaround strategy gained traction. Gross margin rose to 72% from 67%, driven by stronger full-price trading and reduced promotions. The Back to the Mulberry Spirit plan helped return the business to growth, with momentum carrying into FY27 as revenue for the 13 weeks to 27 June rose about 23% and like-for-like sales advanced in most regions. In the first quarter of FY27, UK and European markets posted solid growth, North America and Rest of World also contributed, while Asia Pacific remained softer but delivered double-digit LFL gains; wholesale revenue jumped, underscoring broad-based progress. Management maintains targets of more than £200 million in annual revenue and a 15% adjusted EBIT margin over the medium term, supported by continued earnings improvement and a financing package extending facilities to 2028. Investor sentiment recognizes the progress, with focus on a stronger brand and returning customers in the UK, though earnings leverage and leverage remain points of caution for some analysts and shareholders.