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Superdry FY revenue recovers as shoppers return to stores

By Huw Hughes

12 May 2022

Business

Image: Superdry

Superdry saw its revenue rebound in its latest full-year trading update thanks to a strong fourth quarter as shoppers flocked back to physical stores following the lifting of Covid restrictions.

In the fourth quarter ending April 23, the British fashion retailer reported group revenue of 159.7 million pounds, up 17 percent on a year-over-year basis and up 6.7 percent on a year-over-two-year basis.

The retailer benefited as shoppers returned to physical stores following the end of lockdown, with Q4 store sales surging 203 percent compared to the previous year, or 22.9 percent compared to two years ago.

For the same reason, online sales were down 21.5 percent compared to a year ago and down 6.6 percent compared to two years ago.

FY revenue recovery

Superdry’s full-year revenue came in at 600.7 million pounds, representing an 8 percent increase on a year ago, but still 14.7 percent below pre-pandemic levels from two years ago.

Store revenue was up 59.8 percent on a year ago, but down 21.8 percent on two years ago, while e-commerce revenue was down 24 percent on a year ago, but up 1.2 percent on two years ago.

“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,” founder and CEO Julian Dunkerton told investors.

He added that despite “ongoing tough trading conditions and turmoil in the market”, the company’s focus remains on its full price trading strategy, which it expects will deliver a “strong” gross margin improvement for FY22.

Dunkerton continued: “We are conscious of the cost-of-living pressures on consumers, meaning that now, more than ever, we must continue to deliver products that stand for what is important to them: quality, style and sustainability at great value.”

He said the company is “cautious” heading into FY23 due to “the macroeconomic outlook and the impact of inflation”, but remains “confident that our strategy is positioning the brand for future success”.