Superdry, the British apparel brand, continues its fight against the deadly pandemic as losses continue to grow at the retailer.
The clothing retailer has faced huge losses in its half-yearly results that were released recently.
Prolonged store closures, tight restrictions and poor footfall have been instrumental in causing a statutory pre-tax loss of £18.9 million for the half year that ended 24 October 2020.
The sales for the 6 months have slumped by 23 per cent, with a net loss of £19 million – swollen by a deficit of £7 million on currency hedging.
Following these worrying numbers, the fashion retailer has warned of ‘continued uncertainty in 2021 as well.
The directors of the firm, as reported in BBC, have said that unless trading improves, there could be threat to company’s future as well.
However, Superdry, as on 9 January 2021, had a net cash reserve of £54.8 million and that’s something to cheer about for a firm that is still considered one of the strongest British fashion retailers.
Founded in 2003, Superdry generated revenue of £871.7 million in 2019.