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Superdry H1 revenues fall 23.3%

Superdry has announced that total revenue fell by 23.3% in the half-year period ended 24 October 2020, reflecting the challenging trading environment attributed to the continued disruption from Covid-19.

Like-for-like store trading in the last six weeks of H1 was down 32.4%, with UK trade impacted by continued social distancing measures, partially offset by stronger performance in Europe where footfall declines have been “less severe”.

As at 5 November, 122 stores are now temporarily closed across England, Wales, France, Belgium and Ireland, with 117 stores still open and trading.

E-commerce showed a better performance in the period, with sales soaring by 49.8% in the 26 week period ending October 24.

In response to Covid-19, the retailer said it has increased promotional activities to clear excess inventory which resulted in a reduction of full price items and retail gross margin for the 26-week period.

The firm said its main focus was on “maximising revenues” over the Black Friday trading period from e-commerce, with commercial and operational plans in place to “capture the expected elevated demand online across this important period”.

Julian Dunkerton, CEO of Superdy, said: “Covid-19 continues to disrupt our store and wholesale channels, but this is being partially mitigated by strong sales through our e-commerce operations.

“The external outlook is very uncertain. However, we have financial flexibility and are making good progress with our strategy and brand reset. We are determined to do the right thing by all our stakeholders – including colleagues, our retail and wholesale customers and investors – to ensure the business and brand returns to success.”

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