Superdry reports ‘subdued’ store and online sales
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Superdry has reported that store and online sales over the 13 week period ending 26 January were “subdued”.
The Japanese-inspired fashion retailer said revenues for the period reached £269m, a drop of 1.5% compared with the same time last year. Superdry attributed the decrease to “ongoing legacy product issues and continued unseasonably warm weather throughout the quarter”.
The company added that its ecommerce sales were impacted by “a lower number of owned site promotions in some territories”. However its wholesale revenues increased by 12.7% to £73.5m, up from £65.2m, driven by “forward order despatches and continued strong full price growth in the US”.
Euan Sutherland, CEO, said: “Superdry’s performance has remained subdued during quarter three. We continued to be impacted by the ongoing product mix and relevance issues we have previously highlighted and by the lack, until the end of quarter three and the start of quarter four, of any prolonged period of cold weather in our key markets.
“We are pleased with the early progress being made with our transformation programme, designed to reset the business and deliver a return to higher levels of growth and profitability.”
