Superdry reports drop in sales as turnaround work continues
Superdry has reported a drop in sales and profit as it continues to work through the process of turning the business around.
In the six months to 26 October, underlying pre-tax profit declined by 98.4% to £0.2 million. However, the company made a statutory loss of £4.2 million compared to a profit of £26.4 million in the same period last year.
Revenue also fell, declining by 11% to £369.1 million as the retailer implemented its plans to move to a full price stance and reduce its reliance on promotions.
Following the return of Superdry founder Julian Dunkerton as chief executive earlier this year, the company is working to deliver his vision of returning the company to its design-led roots.
Commenting on the results, Dunkerton said: “I am pleased with the progress we have made to comprehensively reset Superdry. We’re doing this through our product and brand, our physical and digital retail operations and a renewed focus on the retailing basics.
“I am also pleased with the trajectory of performance we have seen from Q1 to Q2 and subsequently into our peak trading period, which gave us our biggest online trading day ever. However, we remain cautious about the challenging market conditions over the peak trading period.”
