Superdry revenue hit by Covid-19 store closures
Superdry saw its revenue decline by 23.4% to £282.7 million in the 26 weeks to 24 October after the retailer was impacted by Covid-19 related store closures and the effect of social distancing on footfall when shops were open.
Although store sales dropped by 44.8%, online sales climbed by 49.8% to account for 50% of retail revenue. This was up from 27% in the same period in the previous year.
The retailer posted an underlying pre-tax loss of £10.6 million for the period.
Julian Dunkerton, founder and chief executive of Superdry, said: “Covid-19 has brought substantial challenges to Superdry as with many other brands, and this has continued through the first half and into the second with renewed lockdowns in our key markets.
“While revenue and underlying profit have been impacted by the external conditions, the brand has continued to focus on the reset, however, with over 70% of stores currently closed and having to shut a significant number over peak, it will take time to see the benefits of all our hard work flow through to the results.”
Superdry said trading has continued to be disrupted in its third quarter due to Covid-19 restrictions.
Looking ahead, Superdry said: “The continued uncertainty and disruption caused by Covid-19, including the impact from sudden and protracted store closures across our estate as a result of government restrictions, makes it more difficult than ever to forecast the outturn for the year. Consequently we recognise the material uncertainty noted in our going concern assessment, and we are not providing formal guidance at this time for FY21 or beyond.”
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