Superdry reports "light at the end of the tunnel" as revenues pick up by £900k

A UK fashion brand has reported a “significant improvement” in revenue for the last quarter of its financial year.

Superdry, which has stores across the UK, announced today (6 May) that its fourth quarter revenue picked up by £900k, an increase of 0.8 per cent on the same period last year.

This comes after a year which saw the company’s overall revenues drop by 21 per cent compared to 2020, falling from £704.4m to £556.6m in the wake of the coronavirus pandemic.

It reported that it lost 39 per cent of trading days across the year, resulting in a 50.9 per cent drop in physical sales.

However, the company’s ecommerce sales for the year increased by 33.8 per cent, rising from £151.6m to £202.9m.

Julian Dunkerton, CEO of Superdry, commented: “Our strengthened ecommerce presence has helped mitigate the impact from enforced closures of our stores. We returned to revenue growth in Q4, and our commitment to a full price stance over the period has seen significant online margin improvement.

“Our liquidity remains strong, with closing net cash ahead of last year and our facilities remain undrawn.

“Despite all the disruption of the past year, Superdry has demonstrated its resilience and we have used this time to ensure the business is in the best possible shape for the future, really focusing on developing our digital presence and making strides towards our goal of being the most sustainable listed fashion brand.

“I’m proud that we’ve been able to accelerate our commitment to ensure all pure cotton items are organic by five years to 2025, working closely with growers in India, and that our focus in this area was recognised by Drapers at its Sustainable Fashion Awards in February.

“The early signs following the reopening of our UK stores are encouraging, as lockdown restrictions start to lift, and we can clearly see the light at the end of the tunnel. In short, we are on track with our reset of the brand and there’s a lot to look forward to.”