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Superdry upbeat on recovery despite drop in revenue

By Huw Hughes

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Business

Image: courtesy of Superdry

Superdry said Thursday it has seen “clear signs of brand and financial recovery” despite a drop in revenue in the first half of the year.

In the period to October 23, the British fashion retailer posted net revenue of 277.2 million pounds, a 1.9 percent drop compared to a year ago and a 24.9 decrease compared to two years ago.

The company said the drop reflected the continued impact of the pandemic and the move to a full-price trading stance.

Recovery on track

Despite the drop in revenue, CEO Julian Dunkerton was upbeat on the company’s ongoing turnaround.

"I'm really pleased with our progress against each of our strategic initiatives with clear signs of brand and financial recovery,” he said.

He said the brand’s AW21 collection, the first season showcasing its “improved product”, has been received well by consumers.

"Our core category of jackets drove performance, up 40 percent year-on-year and it was encouraging to see positive trends across a number of categories, particularly in womenswear, where we saw an increase in mix 4 percentage points vs AW19,” he said.

Superdry managed to narrow its adjusted loss before tax in the period to 2.8 million pounds, down from a loss of 10.6 million pounds a year ago.

Meanwhile, it swung to a statutory profit before tax of 4 million pounds from a loss of 18.9 million pounds a year ago.

Superdry