Just how tough the world of fashion retail remains is apparent from Superdry Plc’s latest annual report, with the firm declaring a year-on-year rise in revenues of nearly 60 per cent to £224.5 million.
The positive figure, reflecting the re-opening of stores post-pandemic lockdowns and a new focus, was welcomed by the firm’s founder, architect and chief executive officer, Julian Dunkerton.
The Cheltenham entrepreneur famously returned to the boardroom in 2019 pledging to return the firm to its former glory after share price dropped after his departure in 2018.
‘We continue to execute our strategy of returning the Superdry brand to a premium position and I am excited by the progress we are making, despite ongoing tough trading conditions and turmoil in the market,’ said Dunkerton, who started the business of a Cheltenham market stall and opened a “new Suprdry concept store on Cheltenham Promenade at the end of 2021”: https://www.soglos.com/business/50913/Superdry-opens-its-new-performance-sport-and-fashion-store-in-Cheltenham.
But the 59.8 per cent climb in year-on-year revenues over the last 12 months represents a fall of 21.8 per cent on the same period two years previously, showing just how tough the challenge facing Dunkerton remains.
Online sales for the last 12 months fell 24 per cent year-on-year, but there was good news for its wholesale revenue which grew 4.2 per cent to the same period in 2021.
Superdry was, Dunkerton said, ‘conscious of cost of living pressures on customers’ and ‘cautious of the macro-economic outlook and the impact of inflation’.
Superdry has 200 stores and an estimated 475 franchises and licensees across 50 countries with more than 4,000 staff.
