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Superdry customers return in-store – and buy less online – as it moves on from Covid-19 closures; JD Sports update

Image courtesy of Superdry

Superdry has seen its customers return to stores in the wake of Covid-19 closures, moving away from the levels of online shopping it saw during the pandemic, new figures suggest. Sales have risen in-store but fallen by almost a quarter online, compared to the previous year.

Superdry says in a year-end trading statement that it expects group revenues to come in at £610.5m in the 53 weeks to the end of April 2022 – 9.8% ahead of last year and 13.3% ahead of the previous year.

For a more effective comparison it also has given figures for the 52 weeks to April 22 2022, in which it expects to have turned over £600.7m. That’s 8% ahead of the 52 weeks of the previous year, but 14.7% lower than two years earlier. Store sales for the year came in at £224.5m, 59.8% up on last year and 21.8% lower than in 2020. Online sales of £153.4m were 24% down on last year, and 1.2% ahead of 2020. That adds up to £378m in retail sales – 10.4% up on last year and 13.9% down on two years ago. Wholesale revenue of £228m was 4.2% up on last year and and 16.1% down on two years ago.

In the fourth quarter of the year alone, the retailer expects to have turned over £159.7m – 17% more than the same period last year and 6.7% up on two years earlier. Store sales of £47.2m were 203% up the same period last year, and 22.9% up on two years earlier. Online sales of £38.2m were 21.5% down on last year and 6.6% down on the previous year. Overall, retail sales of £85.4m were 33% up on last year and 7.7% up on the year before, while wholesale revenue of £74.2% was 2.7% up on last time, and 5.6% up on the year before.

Superdry chief executive Julian Dunkerton says: “We continue to execute our strategy of returning the Superdry brand to a premium position and I am excited by the progress we are making. Despite the ongoing tough trading conditions and turmoil in the market, our focus on full price trading will deliver a strong gross margin improvement for FY22.

“We are conscious of the cost-of-living pressures on consumers, meaning that now, more than ever, we must continue to deliver product that stands for what is important to them: quality, style and sustainability at great value. As we head into FY23 we remain cautious on the macroeconomic outlook and the impact of inflation but are confident that our strategy is positioning the brand for future success.”

Superdry, which sells online and through 220 physical stores as well as through about 475 franchisees and licensees to customers in more than 50 countries. It is ranked Top100 in RXUK Top500 research.

• Meanwhile, JD Sports says that trading has got off to a good start in the first quarter of its new financial year.

But it says that while sales at its businesses were more than 5% higher in the first 14 weeks of the year – to May 7 2022 – than at the same time last year, headline profits, before both tax and exceptionals, are likely to be at a similar level to its latest financial year – of about £940m.

“This performance is a positive reflection of both the strength and breadth of the group’s brand relationships and category offer,” says JD Sports in a trading update today. “It has also been achieved against a backdrop of a global shortfall in the supply of key footwear styles which we expect to improve progressively through the year. Whilst we are pleased with the trading to date, which is at least in line with the group’s expectations, we remain conscious of the headwinds that prevail at this time including the general global macro-economic and geopolitical situation.”

JD Sports says it expects to release its full-year results, for the 12 months to January 29 2022, in early to mid-June. JD Sports is a Leading retailer in RXUK Top500 research.

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