High Street

Superdry reports annual losses of £85m

Fashion retailer Superdry has announced pre-tax losses of £85.4m for the year to 27 April, compared with the profit of £65.3m reported the previous year.

The company cited the “changes to the retail market” and the “uncertainty of Brexit” as some of the contributing factors for the downturn in trade.

The results follow a challenging year for the retailer, which saw a large section of its board resign in April following founder Julian Dunkerton’s return to the company, also announcing profit warnings in May as trading weakened at the turn of the year.

The retailer has announced plans for a store-by-store review, to “ensure that potentially profitable space is not reduced prematurely”.

Chairman Peter Williams said: “These are clearly a very disappointing set of results. However, everything I have learnt since joining the business in April has reinforced my view that Superdry is a powerful brand with great people across the organisation.

“While we have been clear it is going to take time, I remain convinced that continuing to work closely with Julian and the leadership team, we are building the right plan to deliver long-term sustainable growth for shareholders.”

He added: “It has been a priority since joining to ensure appropriate corporate governance is in place, and I am delighted to have made two excellent appointments to the board in Helen Weir and Alastair Miller, who both have extensive retail and listed company experience. I will continue to look to strengthen the leadership of the business over the coming months.”

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