Superdry continues to face challenges in its restructuring journey, reporting a 22 per cent decline in revenue for the fiscal year ending 27th April 2024. The company’s revenue dropped to US $ 611.97 million, attributed to underperformance in its wholesale business and softer retail sales.
Wholesale revenue fell 36 per cent to US $ 146.54 million, reflecting channel challenges and ongoing restructuring efforts. The retail segment declined by 16 per cent to US $ 465.43 million million, with e-commerce sales dropping 18 per cent to US $ 182.86 million due to external economic pressures and reduced digital marketing spend. In-store sales fell 14 per cent to US $ 282.56 million, impacted by unseasonal weather and promotion timing.
Superdry anticipates continued profitability challenges in the coming year but remains optimistic about long-term growth. The company aims to achieve revenue between US $ 438.37 million and US $ 501 million, alongside improved gross margins and an EBITDA margin in the mid to high single digits.
Despite softer sales, Superdry highlighted cost-efficiency achievements, reporting savings of over US $ 50.1 million during the year. Gross margin improved by 2.2 percentage points to 55 per cent, though adjusted losses before tax widened to US $ 60.5 million, with statutory losses reaching US $ 84.79 million.
Superdry’s management remains focused on navigating a complex recovery pathway amid ongoing market pressures.
