Almost 60% of Superdry retail sales took place online in its latest financial year – one in which its stores were shut in lockdowns for 39% of potential trading days. Its sales were 21% down on the previous year, and pre-tax losses narrowed from the previous year.
Superdry says it turned a corner and started to recover from Covid-19 lockdowns in the final quarter of its latest year. Now it expects to see in-store revenues recover gradually in the current financial year, and that online sales will continue to grow.
Superdry chief executive Julian Dunkerton says: “Like most brands with a physical presence, our performance over the past year has been impacted by the significant disruption of Covid-19, but I am really proud of how the business has stepped up and returned to revenue growth in Q4. Store and wholesale revenues are recovering well despite continued subdued footfall, and ecommerce margin is benefitting from our return to a full price stance.”
The multichannel fashion retailer aims to be the most sustainable listed global fashion brand by 2030. The fashion brand was recently ranked top of the Financial Times’ list of Europe Climate Leaders for 2021 and is working towards all of its cotton clothing being produced entirely from organic cotton by 2025.
Superdry today reported group revenue of £556.1m in the year to April 24 2021, 21.1% down on the previous year. Within that, store revenues of £140.5m were 51.1% down on the previous year – with stores locked down for 39% of potential trading days, and wholesale revenues fell by 19.5% to £213.8m. Online grew by 33.1% to reach £201.8m and accounted for 59% of retail sales, and 36.3% of group revenue. Pre-tax losses narrowed to £36.7m from £166.9m a year earlier, after one-off costs including a £15.8m write down in the value of its stores.
Digital strategy
Superdry grew its social media following using the year to 3.3m and says it is now moving to a social-first marketing strategy.
It is also replatforming its ecommerce websites to microservices, which it says are on-track for delivery in early 2022.
Superdry is a Top100 retailer in RXUK Top500 research.
