Superdry returns to profit in full year results
Superdry has returned to profitability and reported an increase in revenues for its full year results, ending 30 April 2022.
The fashion brand revealed an adjusted profit before tax of £21.9 million, compared to a loss of £12.6 million in FY21.
Total revenue increased 9.6% to £609.6 million year-on-year, largely as a result of lapping enforced store closures and lifting of restrictions in Superdry's key markets.
Gross margin improved 350bps year-on-year to 56.2%, a reflection of the brand's full-price strategy.
Superdry also reported growth across all its channels for the 22 weeks ending 1 October 2022, with group revenue up 7%. The brand's performance across retail has strengthened since the launch of its autumn/winter ranges.
Despite ongoing macroeconomic challenges, high levels of inflation and the potential impact of these on consumer spending patterns, Superdry said it continues to make "good progress" across its strategic pillars.
The brand expects to deliver an adjusted profit before tax of between £10 million and £20 million in FY23.
Julian Dunkerton, CEO of Superdry, said: “These are exceptional times for retail and for the economy more generally, and like all brands we’re having to work harder than ever to drive performance. Against that backdrop, I am pleased that we managed to return the business to full-year profit, driven by increased full price sales, whilst also making strong strategic progress.
"I’m proud of the strides our team has made, delivering great product while also making a step-change in our social and digital capabilities and real progress towards our sustainability objectives."
