// Superdry half-year profit increases
// Statutory earnings were also up on pre-covid levels
Superdry has witnessed a half-year profit after “clear signs of brand and financial recovery”.
The fashion retailer posted a statutory profit of £4 million during the 26 weeks to October 23, 2021, compared to an £18.9 million loss during the same period last year.
Statutory earnings were also up on pre-covid levels, when Superdry suffered a £4.2 million loss.
However, Superdry remained in the red on an adjusted pre-tax basis, recording a loss of £2.8 million.
That narrowed from £10.6 million year-on-year.
Group revenues slipped 1.9% year-on-year to £277.2 million and were down 24.9% on a two-year basis.
Net working capital reduced by £14.5 million year-on-year, following reductions in inventory and trade receivables and an increase in trade payables.
Superdry ended the half-year £3.9 million net debt, with the group partially unwinding a £10 million repayment in debt.
This is significantly lower than last year’s position, where it reported £34.1 million net cash.
However, it remains ahead of the pre-Covid half-year position in 2020, when it was suffering from £9.3m million net debt.
As of 17 January, the business had net cash of £20.4 million.
Superdry said it expects to achieve current market expectations for the full-year.