Superdry has posted group revenue of £219.8m for the 26 weeks ending 28 October 2023 which was down by 23.5 per cent for the same period in the prior year. Its adjusted pre-tax loss was £25.3m as compared with -£13.6m for the prior period but the group had shown a statutory pre-tax profit of £3.3m.
Founder and CEO Julian Dunkerton said: “This has clearly been a difficult period for Superdry. A challenging consumer retail market, set against a backdrop of macroeconomic uncertainty and some remarkably unseasonal weather conditions have all combined to weaken the financial performance of the group.
“These macro and external factors have been further exacerbated by the underperformance of our wholesale segment. Whilst, to some extent, this was expected due to the decision to exit our US operations and the sale of brand rights in non-core territories, the segment continues to prove challenging.”
Dunkerton added: “Our efforts continue to focus on rightsizing the cost base and creating an operational model suitable for the needs of the organisation over the longer-term. Christmas trading proved challenging, and we do not expect market conditions to get any easier in the near-term. However, I firmly believe we are taking the right steps for the business and the brand, to return Superdry to profitability.”
It was also revealed that Shaun Wills is stepping down as CFO at the end of March. He will be replaced by Giles David who joins next week, initially as interim CFO, with appointment to the board on 1st April 2024.
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