Superdy post £4.2million loss as Julian Dunkerton continues 'year of reset'
By James Young | 12th December 2019
What is being termed as "a year of reset" has led to Superdry suffering a dramatic fall in profits and a further squeeze on its revenues.
The Cheltenham-based clothing brand announced its half-year results for the 26 weeks to October this morning.
The headline figure is that pre-tax losses of £4.2million were recorded, down from a £26.4 million profit for the same period last year.
Revenues were also down on the same six months in 2018, falling 11 per cent to £369.1million from £414.6million in 2018.
It is the first set of interim results the company have reported since the overhaul of the company began after Julian Dunkerton returned following a bitter boardroom battle.
The company founder wrestled back control of the firm in April by a narrow margin in a move that prompted the immediate resignation of the then board.
Mr Dunkerton installed himself as the interim chief executive and promised to take the brand back to its roots and perform a reset.
Despite the figures, Mr Dunkerton said he was "pleased" with the efforts to reset the brand, a process that he said will take months and not years.
He said: "At this halfway point in our financial year, I am pleased with the progress we have made to comprehensively reset Superdry.
"We're doing this through our product and brand, our physical and digital retail operations and a renewed focus on the retailing basics.
"We are only eight months into a process that will take two to three years, but I have great confidence in the strength of our new executive leadership team.
"I am also pleased with the trajectory of performance we have seen from Q1 to Q2 and subsequently into our peak trading period, which gave us our biggest online trading day ever.
"However, we remain cautious about the challenging market conditions over the peak trading period."
Shares in the firm have plummeted in the last two years from a peak price of 2074.00 in January 2017 to fall as low as 405.00 in December of 2018.
Shares were trading slightly lower, three per cent down this morning at 480.35.
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