Superdry has managed to significantly narrow its full-year losses as its revenue began to recover despite subdued high street footfall.
In the year to April 24, the British fashion retailer cut its pre-tax loss to 36.7 million pounds compared to the loss of 166.9 million pounds it posted a year earlier.
The company reported an adjusted loss before tax of 12.6 million pounds, down from 41.8 million pounds a year earlier, with cost-saving measures and government support helping to offset trading shortfalls.
That came as the company saw a 21.1 percent drop in revenue to 556.1 million pounds as it continued to feel a “significant” impact from Covid disruption, which resulted in 39 percent of store days lost – that’s compared to 10 percent the year before.
Sales recover in fourth quarter
But founder and CEO Julian Dunkerton was upbeat on the figures as the company returned to revenue growth in the fourth quarter.
“Store and wholesale revenues are recovering well despite continued subdued footfall, and e-commerce margin is benefitting from our return to a full-price stance,” he said.
In the 18 weeks ending August, sales were up 1.9 percent compared to the same period a year ago, with store sales up 33.1 percent, wholesale up 12.7 percent, and e-commerce down 34.4 percent.
“I’m in no doubt that we’re turning the corner and there’s a lot to be excited about,” Dunkerton said. “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.”