Superdry’s trading performance has improved since April despite uncertainty around the COVID-19 pandemic, as the British fashion retailer swung to an annual loss due to lockdown-led store closures.
The company’s demand has been gradually returning, with a major shift of customers to its online stores, but it had to discount heavily in the last few months to clear items that had accumulated in stores during lockdowns.
Superdry, which sells sweatshirts, hoodies and jackets adorned with Japanese text, has embarked on a plan to turn the business around under co-founder and Chief Executive Officer Julian Dunkerton, who retook control of the group in April last year. Its online sales for the 20 weeks to September 12 jumped to 55.3 per cent.
Underlying pretax loss stood at 41.8 million pounds ($54.1 million) for the year ended April 25, compared with a profit of 38 million pounds a year ago. Group revenue fell 19.2%.