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16 May 2022

Superdry sees sales rebound as customers switch back to shops

Superdry sees sales rebound as customers switch back to shops

Fashion retailer Superdry has revealed soaring stores sales following the lifting of Covid restrictions, but a slump in online trade as customers return to high streets.

The chain said stores sales rose more than 200% year-on-year to £47.2 million in its fourth quarter to April 23.

The result was also significantly higher on a two-year comparison, up 22.9% compared with the same period in 2020 before the pandemic struck.

It saw online sales drop 21.5% year-on-year in the quarter due to the switch back to stores and as it cut back on promotions.

Over its full-year, store sales rose 59.8% to £224.5 million, but were still 21.8% lower on a two-year comparison as it said “footfall remains significantly below pre-Covid levels”.

Full-year online sales dropped 24%, though overall revenues lifted 8% to £600.7 million thanks to the better trading in shops.

Shares dropped 4% despite the sales rebound.

The figures come after Superdry recently revealed it will push through price hikes of around 2% in response to soaring costs, which comes on top of a decision to slash discount sales.

Superdry chief executive Julian Dunkerton said: “We are conscious of the cost-of-living pressures on consumers, meaning that now more than ever we must continue to deliver product that stands for what is important to them: quality, style and sustainability at great value.

“As we head into 2022-23 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.”

Earlier this year, the group reported a swing to a pre-tax profit of £4 million in the six months to late October, from a near-£19 million loss a year earlier when shops were closed in lockdown.

Revenue dropped 1.9% in the first half though, despite the problems that shops were facing a year earlier.

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