Struggling fashion star Superdry says it’s ‘turning a corner’ as it reveals losses have shrunk to £36.7m, pushing stock up 14%
- The company has 231 brick and mortar stores in more than 50 countries
- Superdry reported a pre-tax loss of £36.7m for the year to April 24
- Revenues fell 21.1% to £556.1m for the year due to lockdowns
Superdry bosses said the retailer is “turning the corner” as it posted shrinking losses over the past year.
The high street fashion brand told investors that sales are “recovering well” despite moderate high-street traffic as it continues its transformation plan amid a challenging retail environment.
The company, which has 231 brick-and-mortar stores in more than 50 countries, reported a pre-tax loss of £36.7 million for the year to April 24, compared to a loss of £166.9 million a year earlier.
Superdry bosses said the retailer is ‘turning the corner’ as it posted shrinking losses over the past year
Superdry saw sales fall 21.1 per cent to £556.1m for the year as it was disrupted by further lockdowns in key regions.
It said nearly 40 percent of potential retail business days were lost due to pandemic closures during the period.
In-store sales for the first half were down 51.1 percent year-on-year, from £287.2 million to £140.5 million, while online revenue was up 33.1 percent from £151.6 million in 2020 to £201.8 million.
Overall, the retailer said sales for the last 18 weeks as of the end of April were 1.9 percent higher than last year’s sales.
However, this was 29.6 percent below pre-pandemic levels as of 2019.
The group said a strong rebound in retail sales in the UK and US was partially offset by operations in the EU, which saw further closures at the start of the period.
Looking ahead, the company headquartered in Cheltenham says some of its goals include increasing its social media presence, following a 6 percent engagement to 3.3 million in the first half.
It said e-commerce sales were also “modest” compared to the rapid growth it had seen last year after the pandemic helped accelerate online traffic.
Looking ahead, the company, headquartered in Cheltenham, says some of its goals include increasing its social media presence, following a 6 percent engagement to 3.3 million in the first half, and aiming to make it “… most sustainable publicly traded global fashion brand by 2030′. .
It also underlined its commitment to the UK high street with the opening of the new flagship store on Oxford Street this autumn.
Announcing the results, CEO and co-founder Julian Dunkerton said trading has been “encouraging” since the stores reopened.
He added: “Like most brands with a physical presence, our performance over the past year has been impacted by the significant disruption from Covid-19, but I’m really proud of how the business has ramped up and returned to revenue growth in the fourth quarter.” has realized.
“Retail and wholesale revenues are recovering well despite continued subdued footfall, and the e-commerce margin is benefiting from our return to a full pricing policy.
“I have no doubt we are turning the corner and there is a lot to be excited about.
“While much remains uncertain, I look forward with great confidence to 2022 and beyond as we make our reset.”