Superdry store revenue up 59.8% following restrictions lifting

Clothing retailer Superdry’s store revenues are up 59.8 per to £224.5 million as retailers continue to benefit from the return to the High Street.

In a year-end trading statement for the 12 months to April 23, 2022 the clothing and apparel retailer posted revenues of £600.7 million, up 8.1 per cent on the financial year 2021-21 but 14 per cent below the financial year 2019-2020 which reflected pre-pandemic trade.

The company stated that the recovery of in-store revenue was largely attributable to enforced COVID-19 store closures and restrictions being lifted in Superdry’s key markets, despite the company’s acknowledgement that footfall remains significantly below pre-Covid levels.

Meanwhile, e-commerce revenue dipped by 24 per cent year on year (yoy), reflecting a degree of consumer channel shift back to in-store purchases.

Further citing their reduced promotion activity in line with their strategic focus on full price sales, the reduction in e-commerce revenue appeared to come as no surprise to the company.

Julian Dunkerton, Superdry’s chief executive, said: “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.”

Dunkerton closed his remarks by recognising the cost-of-living crisis and the associated pressures on consumers.

“Now, more than ever, we must continue to deliver product that stands for what is important to [consumers] them: quality, style and sustainability at great value,” he said.

“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.”

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