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Friday 26 April 2019

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Superdry festive sales down online and in-store

Written by Hannah McGrath
07/02/2019

Superdry has reported a 1.5 per cent drop in Christmas sales, driven by overall declines of 0.7 per cent in online sales and an 8.5 per cent in-store, due in part to unusually warm winter weather.

Despite a 12.7 per cent rise in wholesales sales to £73.5 million, the clothing brand said that analysts expect full-year pre-tax profits to come in at £58.4 million, down from the £97 million figure for 2017-2018.

On a year-on-year basis, group revenue for the 13 weeks to 26 January was £269.3 million, down from £273.3 million in the same period last year.

E-commerce sales across the brand’s websites fell slightly to £69 million from £69.5 million for the same third quarter period the year before.

In-store sales also fell to £126.8 million from £138.6 million on a year-on-year basis for the three months to 26 January.

Chief executive Euan Sutherland said that the firm’s performance had been “subdued” during the third quarter.

“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.”

However, commenting on a decision announced in December to intensify the firm’s transformation programme in response to growing challenges, Sutherland said he was “pleased” with progress, adding that the plans had been “designed to reset the business and deliver a return to higher levels of growth and profitability”.


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