Superdry returns to profit
Fashion retailer Superdry returned to profit in the year to 30 April as it continued to make progress with its turnaround strategy.
Pre-tax profit came in at £17.9 million compared to a loss of £36.7 million in the prior year.
Meanwhile total revenue increased by 9.6% to £609.6 million, which the company attributed to an uplift in full-price sales and shoppers returning to stores following the easing of Covid-19 restrictions.
Julian Dunkerton, chief executive of Superdry, said: “These are exceptional times for retail and for the economy more generally, and like all brands we’re having to work harder than ever to drive performance. Against that backdrop, I am pleased that we managed to return the business to full-year profit, driven by increased full price sales, whilst also making strong strategic progress.”
Giving some details on more recent trading, the retailer said it had made an encouraging start to the new financial year with sales up 7% in the 22 weeks to 1 October.
Superdry said it expects to deliver an adjusted pre-tax profit in its 2023 financial year of between £10 million and £20 million, which will be lower than the previous year’s £21.9 million.
Dunkerton added: “Superdry is a premium, affordable, brand, which should mean we are well-positioned as customers think more carefully about their purchases. That said, given the current challenging conditions, we continue to run the
business prudently while remaining focused on delivering our strategic goals.”