Superdry posts £21.7m loss amid “difficult year”
Superdry has posted a pre-tax loss of £21.7m for the 2023 financial year, with chief executive officer Julian Dunkerton describing a “difficult year” for the retailer.
This was compared to a profit before tax of £21.6m recored the previous year.
However, during the 52 weeks to 29 April 2023, the clothing retailer recorded a year-on-year increase in revenue of 2.1% to £622.5m. Superdry said a “robust” return to growth in its retail division of 14.6% was offset by lower wholesale performance, which fell by 19.1%.
On a statutory basis, the retailer recorded a loss after tax of £148.1m, compared to a profit after tax of £22.4m in the 2022 financial year.
Julian Dunkerton said: “This has been a difficult year for the business and the market conditions have been extremely challenging, especially in wholesale. We’ve looked closely at how we operate and have taken decisive actions to improve our position, rebuild liquidity, and recapitalise our balance sheet, through careful preservation of cash and a re-engineered cost base.”
“The start to the new year has been tough, not helped by unseasonal weather and highly promotional markets, and I’m not expecting the consumer environment to become any easier soon. However, the actions we have taken and continue to take to ensure the health of the business, give me more confidence as we look into the future”, he added.
In August, the retailer secured £25m from Hilco to aid its turnaround.