Superdry’s revenue fell 1.9% year-on-year to £277.2m in the 11 weeks to January 8, 2022 as the pandemic continued to disrupt high street trading. This is a drop of 24.9% over two years.
The retailer said it also shifted to a full-price trade position during the period, which also led to a further decline in sales in its half-year report.
However, statutory profit before tax rose to £4m from a loss of £18.9m in the 2020/21 half as Superdry benefited from the ‘fair value movement’ on contracts for changes over time and the reopening of its store network.
Superdry ended the half-year period with a net debt of £3.9m, as it “partially settled” deferred rent due of around £10m. As of January 17, the business had a net cash position of £20.4 million.
Julian Dunkerton, Founder and CEO of Superdry, said: “I am really pleased with our progress against each of our strategic initiatives with clear signs of brand and financial recovery. Brand health is best demonstrated by improved sell-through rate and a 12 percentage point increase in full-price retail mix, which helped push Group 3 gross margin up, 5 percentage points year over year.