Superdry losses shrink despite subdued high street footfall
Superdry said store and wholesale revenues were recovering well despite high streets remaining quiet.
The fashion retailer reported a pre-tax loss of £37m for the year to April 24, compared with a £167m loss from a year earlier.
Revenues fell 21.1 per cent to £556m for the year after a number of lockdowns across key regions.
“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 the fourth quarter,” Julian Dunkerton, chief executive of Superdry, said.
“I’m in no doubt that we’re turning the corner and there’s a lot to be excited about.”
Full year adjusted loss before tax was £12.6m, compared to £41.8m for the 2020 full year, as cost saving measures and government support helped to offset trading shortfalls.
Trading had been “encouraging” since the reopening of high street stores while the e commerce margin had benefited from a return to a full price stance, Dunkerton added.
Sales for the latest 18 weeks from the end of April were 1.9 per cent ahead of sales from last year, 29.6 per cent below pre-pandemic levels from 2019.
The fashion brand would “take a big step forward” when its global flagship store opened in Oxford Street later this autumn, the boss said.
The retailer’s board decided not to propose a final dividend for the financial year.
Superdry had successfully taken advantage of the popular social media app TikTok to appeal to Gen Z consumers, Chris Daly, CEO at the Chartered Institute of Marketing said.
“Fundamental to the company’s success has been its prioritisation of e-commerce, which has helped mitigate the impact of enforced store closures in lockdown,” Daly added.