Superdry working with advisors on cost saving options

Superdry has said it is working with advisors on options for cost saving measures.

The announcement follows reports that the fashion retailer is considering a restructuring which could include store closures and job losses.

In a statement this morning, Superdry confirmed that it is working with advisors to explore the feasibility of various material cost saving options in line with its turnaround strategy.

It added: “Whilst there is no certainty that any of these options are progressed, they aim to build on the success of the cost saving initiatives carried out by the company to date and position the business for long-term success.”

Last week, Superdry announced a 23.5% year-on-year fall in half-year group revenue to £219.8 million as it battled a challenging consumer retail market, unseasonal weather, and weaker performance from its wholesale division..

The retailer also said that it was focusing on driving forward its cost reduction agenda in which it is set to deliver in excess of £40 million in savings in the current financial year, ahead of its its initial target of £35 million.