Thursday 6 May 2021 7:21 am

'Light at the end of the tunnel' for Superdry after reporting return to growth

Superdry sees “light at the end of the tunnel” after reporting a return to revenue growth in the fourth quarter, boosted by its ecommerce division.

In a trading statement Superdry said it had been “substantially impacted” by the pandemic with group revenue for the full year down 21 per cent year-on-year to £556.6m.

However the business delivered a 0.8 per cent increase in the fourth quarter, driven by ecommerce and wholesale.

Online sales grew 26.6 per cent year-on-year as traffic to its sites soared 31.5 per cent. It noted its social media followers have increased by nine per cent since the launch of its autumn/winter collection.

“Despite all the disruption of the past year, Superdry has demonstrated its resilience and we have used this time to ensure the business is in the best possible shape for the future, really focusing on developing our digital presence and making strides towards our goal of being the most sustainable listed fashion brand,” chief executive Julian Dunkerton said.

That said Superdry suffered an average of 69 per cent lost trading days in the fourth quarter for its physical stores, resulting in a 51.5 per cent decline in revenue year-on-year. However as restrictions start to ease, the company has struck an upbeat tone in its outlook.

“The early signs following the reopening of our UK stores are encouraging, as lockdown restrictions start to lift, and we can clearly see the light at the end of the tunnel. In short, we are on track with our reset of the brand and there’s a lot to look forward to,” Dunkerton said.

Although uncertainty persists, the retailer said it is confident of growth in revenue and profitability in FY22 assuming there are no further lockdowns.

The retailer has bolstered its top team with recent appointments including chief finance officer Shaun Wills, and Silvana Bonello, as chief operating officer.