Superdry posts loss after difficult year
Superdry has posted an annual loss after being impacted by “extremely challenging” market conditions.
In the 12 months to 29 April, the fashion brand reported an adjusted pre-tax loss of £21.7 million compared to a profit of £21.6 million in the prior year.
However, annual revenue increased by 2.1% to £622.5 million as robust retail growth of 14.6% was offset by a 19.1% decline in wholesale revenue.
On a statutory basis, the retailer posted a loss of £148.1 million compared to the previous year’s profit of £22.4 million. Superdry said this was mainly due to accelerated non-cash impairments of store assets of £43.3 million, as well as a non-cash reduction in the recognised deferred tax assets from £66.3 million at FY22 to £nil in the current year, and other adjusting items.
Julian Dunkerton, founder and chief executive of Superdry, said: “This has been a difficult year for the business and the market conditions have been extremely challenging, especially in wholesale. We’ve looked closely at how we operate and have taken decisive actions to improve our position, rebuild liquidity, and recapitalise our balance sheet, through careful preservation of cash and a re-engineered cost base.
“The good news is that despite the external turbulence, the brand is in sound health and has momentum. Stores and ecommerce delivered a strong sales performance, and I’m excited by our collections for the autumn/winter 2023 season.”
