Superdry looks online for optimism as revenue falls
By Rob Freeman | 5th November 2020
Superdry insisted the company's brand reset was still on track, despite a large drop in revenue over the last six months.
Total revenue for the Cheltenham-based fashion retailer fell 23.3 per cent year on year for the six months to October 24 with a fall of 22.8 per cent in the second quarter as it dealt with the ongoing disruption from the coronavirus pandemic.
Trading in shops was down 44.8 per cent for the first half of the year with a 32.1 per cent fall across the last three months.
But there was a huge rise in online sales which were up 49.8 per cent on the same six months last year.
The rise in ecommerce was 16.9 per cent in the last quarter, but that soared to 51.9 per cent in the final six weeks of the period covered.
And while increased lockdown restrictions forced the closure of shops across England from today - 122 outlets across England, Wales, France, Belgium and Ireland are shut with 117 remaining open - the company is expecting to continue its strong online performance.
A company statement said: "We are focused on maximising revenues over the Black Friday trading period from e-commerce.
"We have in place commercial and operational plans to capture the expected elevated demand online across this important period.
"The brand reset remains on track, despite the unprecedented levels of disruption and volatility."
Wholesale also faced issues over the last six months with revenue down 28.8 per cent.
Chief executive Julian Dunkerton said: "Covid-19 continues to disrupt our store and wholesale channels, but this is being partially mitigated by strong sales through our ecommerce operations.
"The external outlook is very uncertain. However, we have financial flexibility and are making good progress with our strategy and brand reset.
"We are determined to do the right thing by all our stakeholders - including colleagues, our retail and wholesale customers and investors - to ensure the business and brand returns to success."
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