Superdry revenues bounce back as physical trading returns

Superdry has announced its FY22 revenues surged 59.8% year-on-year to £224.5m as Covid-related store closures and restrictions were lifted in the company’s key markets.

However, this is down 21.8% compared to pre-Covid levels as footfall still remains “significantly” below pre-Covid levels.

Overall, group revenue increased 8% to £600m, although this is down 14.7% on a two-year basis.

E-commerce sales also dropped 24% year-on-year to £153.4m, which reportedly reflects the channel shift back to physical trading and Superdry’s reduced promotional activity, in line with the company’s focus on full price sales.

Meanwhile, wholesale revenues grew 4.2% to £222.8m compared to FY21, despite the prolonged disruption in European markets. However, on a two-year basis, wholesale revenues dropped 16.1%.

Julian Dunkerton, chief executive officer, said: “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. Despite the ongoing tough trading conditions and turmoil in the market, our focus on full price trading will deliver a strong gross margin improvement for FY22.

“As we head into FY23, we remain cautious on the macroeconomic outlook and the impact of inflation but are confident that our strategy is positioning the brand for future success.”