Superdry losses narrow as the retailer “turns a corner”
Superdry has announced a narrowing of losses in the year to 24 April as it announced that it is to open a new flagship store in London’s Oxford Street.
The fashion retailer posted a statutory pre-tax loss of £36.7 million compared to a loss of £166.9 million in the prior year.
Total revenue in the period fell by 21.1% to £556.1 million following the impact of Covid-19 related disruption including the loss of 39% of store days.
The retailer’s full year adjusted pre-tax loss was £12.6 million compared to £48.8 million in the prior year.
Julian Dunkerton (pictured), Superdry chief executive, said: “Like most brands with a physical presence, our performance over the past year has been impacted by the significant disruption of Covid-19, but I am really proud of how the business has stepped up and returned to revenue growth in Q4. Store and wholesale revenues are recovering well despite continued subdued footfall, and ecommerce margin is benefiting from our return to a full price stance.”
During the period, Superdry extended the segmentation of its range into five collections and identified teen consumers aged 13 to 15 as a growth opportunity. It also grew its active customer database by 3% in the year as it invested in brand marketing activity, including a campaign with Neymar Jr.
Superdry said group revenue increased by 1.9% year-on-year in the 18 weeks to 28 August as Covid-19 related restrictions eased, although online sales were more modest against the huge growth experienced in the prior year. The new Oxford Street store will open later this autumn.
Dunkerton added: “I’m in no doubt that we’re turning the corner and there’s a lot to be excited about. Trading has been encouraging since the reopening of our stores, and we’ll take a big step forward as a brand with the opening of our global flagship store in Oxford Street later in the autumn. Whilst a lot remains uncertain, I’m looking ahead to 2022 and beyond with real confidence as we deliver our reset.”