Superdry posts loss as changes are implemented
Superdry has confirmed it has made a £4.2 million pre-tax loss for the year to October 26th as work was underway to restore the brand's ranges to their former level of demand. The business has focused on maintaining full price sales in order to restore margin as well as to improve performance which had flagged under its previous board. Revenues for the period came in at £369.1 million.
"At this half-way point in our financial year, I am pleased with the progress we have made to comprehensively reset Superdry," said founder and returned chief executive Julian Dunkerton. "We're doing this through our product and brand, our physical and digital retail operations, and a renewed focus on the retailing basics. We are only eight months in to a process that will take two to three years, but I have great confidence in the strength of our new executive leadership team. 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."