Superdry, the British apparel label, has seen its turnaround efforts take a massive hit following a decline in its profits.
The retailer, in the year through 25 April 2020, made a pre-tax loss of £41.8 million on an underlying basis – compared with a profit of £38 million a year back.
Notably, the Group revenue, for the period, slumped by 19.2 per cent.
The Cheltenham-based company, however, said that its business performance has been improving since April with e-commerce sales growing twice year-on-year in Q1.
It is worth noting that the e-commerce sales for 20 weeks to 12 September 2020, as per reports, surged by an impressive 55 per cent.
More on this, Julian Dunkerton, Founder and Chief Executive, Superdry, said that while the underlying profit has been hit by the trading performance, the increased digital consumer engagement has helped drive a stronger womenswear mix than ever seen before.
Julian, meanwhile, said the focus would be on minimising discounting and refresh Superdry’s designs.
Ever since Julian took over the control of the Group in April 2020, there have been constant efforts to turn the business around.
Yes, the plans have been hit for a while but continuous improvement in performance since April, Julian believes, will help the retailer combat the crisis and succeed.
Superdry is known for its sweatshirts, hoodies and jackets embellished with Japanese text.