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Superdry losses almost double

Superdry saw its losses almost double in the year to 25 April after revenue dropped by 19.2% to £704.4 million. The fashion retailer posted a statutory… View Article

FASHION RETAIL NEWS UK

Superdry losses almost double

Superdry saw its losses almost double in the year to 25 April after revenue dropped by 19.2% to £704.4 million.

The fashion retailer posted a statutory pre-tax loss of £166.9 million compared to a loss of £89.3 million in the previous 12-month period.

Superdry said the performance was a reflection of the impact of Covid-19 in its fourth quarter and an earlier planned move away from persistent discounting.

Julian Dunkerton, chief executive of Superdry, added: “As with all retailers, we have experienced significant disruption to our operations, and this has inevitably had an impact on our FY20 results, but I’m proud of how everyone in the business has stepped up during this exceptional time.

While our underlying profit has been impacted by trading performance during the year, including Covid-19 related store closures, I am particularly pleased by how strongly ecommerce has performed, with FY21 first quarter revenues nearly doubling year-on-year. This has been complemented by our increased digital consumer engagement, which helped drive a stronger womenswear mix than we have ever seen before.”

Speaking about the new financial year, the company said the pandemic had created unprecedented levels of uncertainty and that it is remaining cautious on the shape of the UK’s economic recovery and the impact it might have on Superdry’s turnaround. It added: “Consequently, we recognise there is a material uncertainty and are not providing formal guidance.”

 

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