Struggling fashion firm Superdry has warned its sales will continue to drop in its current financial year, after exiting the London Stock Exchange in July to begin work on its restructuring plan.
The retailer’s latest annual results for the year to 27 April showed pre-tax losses improved slightly, dropping from £78.5m to £65.2m.
While sales plunged from £622.5m the year prior to £488.6m, the brand warned it expected sales to sit between just £350m and £400m for its year to the end of April 2025.
Over its last financial year, Superdry’s headcount reduced by more than 12% to 2,263 roles.
The fashion retailer delisted from the London Stock Exchange on 15 July, having received approval from its creditors, shareholders and the court in June for its turnaround programme, which it said meant it would avoid insolvency.
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The company’s shares were admitted to trading on the JP Jenkins securities matching platform, which it said provided securities matches for unlisted companies, “enabling shareholders and prospective investors to buy and sell shares on a matched bargain basis”.
In July, Superdry founder and chief executive Julian Dunkerton promised the retailer that observers claim had become a “dad brand” would become cool again as he began work on its turnaround plan.
Speaking to The Telegraph, he insisted that the fashion retailer would become “so much more relevant” after it delisted from the London Stock Exchange after 15 years.
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