// Superdry posts full-year adjusted profit before tax of £21.9m, versus a loss of £12.6m the previous year
// Despite its growth, the company remains cautious in the short term
Superdry has returned to profit after making progress on its turnaround strategy.
The fashion retailer posted full-year adjusted profit before tax of £21.9 million, versus a loss of £12.6 million the previous year.
Total sales increased 9.6% to £609.6 million, ”largely as a result of lapping enforced store closures and lifting of restrictions in our key markets”.
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Superdry, which was issuing delayed results for the year to April 30, also reported an “encouraging start” to the new financial year, “particularly autumn/winter trading”.
Despite its growth, the company remains cautious in the short term and said profits are likely to fall back in the current year.
Superdry increased full-price sales over the last year. Spring/summer sell-through advanced 16 percentage points year-on-year, driven by strength in dresses and shirts.
It said 47% of product by volume purchased was sustainably sourced – up 14 percentage points.
The reopening of shops after the pandemic was evident in sales. Superdry’s store sales rose 14.3% in the 22 weeks to October 1, while online rose 4.5%.
In the current year, Superdry expects an adjusted profit before tax of between £10 million and £20 million.
“These are exceptional times for retail and for the economy more generally and like all brands, we’re having to work harder than ever to drive performance,” Superdry founder and chief executive, Julian Dunkerton said.
“Against that backdrop, I am pleased that we managed to return the business to full-year profit, driven by increased full-price sales, whilst also making strong strategic progress.
“I’m proud of the strides our team has made in delivering great product while also making a step-change in our social and digital capabilities and real progress towards our sustainability objectives.
“Superdry is a premium, affordable brand, which should mean we are well-positioned as customers think more carefully about their purchases. That said, given the current challenging conditions, we continue to run the business prudently while remaining focused on delivering our strategic goals.”
