Superdry: 75% of stores to be reopened by end of May
Fashion brand Superdry has announced it expects 75 per cent of its stores to be operational by the end of May.
In a trading statement from the company this morning, the group outlined plans to reopen its franchise outlets following the COVID-19 pandemic and subsequent business disruption.
The business has confirmed that wholesale shipping has been resumed, and 22 per cent of its store network is currently operational, with the expectation that 75 per cent of its stores will be open by the end of this month.
Group revenue for FY20 was down 19.1 per cent year-on-year, which the brand attributed to a movement “towards a full price trading stance and away from persistent discounting”.
Store revenue was down by 57 per cent in the last quarter as a result of the closures, but Q4 online sales increased by 6.8 per cent compared with the same period of the previous year.
Julian Dunkerton, chief executive officer at Superdry, commented: “As with all retailers, the Covid-19 pandemic has caused major disruption to our business operations and supply chain.
“I am pleased with the accelerating shift in sales to online, and we’ve seen a particularly good performance from our women’s ranges which, for the first time ever, are accounting for around half our sales.
“Clearly however, the closure of all our stores has had a major impact. We are taking all practical steps to preserve cash, looking carefully at all areas of the business and working to secure additional liquidity and financial flexibility.
“We continue to work hard so that the business can emerge stronger from this extraordinary period. It will take time to return to normality, for now we remain open for business online through superdry.com, our stores in Europe have begun to reopen and I am excited by our new ranges for the Autumn/Winter season.”
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