Superdry reported a sharp drop in revenue in the first half of the year as chief executive Julian Dunkerton began his rescue plan to revive the struggling retailer.
Revenue declined 11.3 per cent to £367.8m in the six months to 26 October reflecting the beginning of an “expected year of reset”.
In store revenue fell 11.7 per cent, online revenue dropped 10.5 per cent and wholesale revenue was down 11.2 per cent as the retailer moved away from “a reliance on constant promotions”.
However, shares in Superdry jumped more than seven per cent this morning as Dunkerton, who returned to the company this year, said the company had made good progress with its turnaround plan.
Dunkerton said: “We are making good progress with the start to our turnaround plan for Superdry, returning the business to its design led roots.
“We have always said it will take time, but we have a strong team which is working incredibly hard to deliver this plan. I’m genuinely excited by new injection product which has started to land in stores for this peak and even more excited about the new ranges signed off for next year.
“We are moving the business away from a reliance on constant promotions, and while this focus on full price sales has affected revenue in the first half, this is being partially offset by a better gross margin performance.
“There is good momentum in the business, and I remain confident of returning Superdry to sustainable long-term growth.”
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