Follow us


Superdry sales and profits hit by continued COVID-19 disruption

Lauretta Roberts
19 January 2021

Superdry sales slumped -24% to £282.7m in the half-year to 24 October 2020 as the group lost 23% of its owned-store trading days due to COVID-19 leading to a warning in its report that there are doubts over its ability to continue as a going concern.

The premium fashion brand's statutory loss before tax hit -£18.9m, compared to -£4.2m in the comparable period in the prior year.

On a more positive note, e-commerce soared by 49.8% to partially offset lost store sales (which were down -44.8%) as consumers moved online. Online sales accounted for 50% of retail revenue during the period compared to 27% in half one 2020.

The brand's co-founder and CEO Julian Dunkerton said, despite the disruption of the on-going crisis, Superdry was committed to its reset programme including a new influencer-led campaign and a focus on sustainability. 

"Covid-19 has brought substantial challenges to Superdry as with many other brands, and this has continued through the first half and into the second with renewed lockdowns in our key markets. Our team has responded incredibly well and above all we've been focused on looking after our colleagues and customers and ensuring everyone is keeping safe.

"While revenue and underlying profit have been impacted by the external conditions, the brand has continued to focus on the reset, however, with over 70% of stores currently closed and having to shut a significant number over peak, it will take time to see the benefits of all our hard work flow through to the results.

"We are making great progress with our influencer-led, digital marketing strategy, enabling us to better target new and existing customers. I am particularly excited about our recently announced partnership with Neymar Jr, a globally recognised sports star with over 143m worldwide social media followers. I am also very proud of how we are embedding sustainability in every part of the business, with responsibly sourced ranges at the heart of our AW20 collection. I believe sustainability is becoming critically important to our customers and I'm committed to Superdry becoming one of the leading global sustainable fashion brands."

Julian Dunkerton Superdry

Julian Dunkerton

The brand continued to experience severe disruption in the quarter ending 9 January with revenues down -27.2% and store sales down -52.1%, due to the latest lockdowns which led to the loss of 38% of owned-store trading days. E-commerce was up 13.2% in the 11-week period with wholesale down -23%.

Superdry said it was anticipating continued disruption and uncertainty as a result of on-going Government restrictions and has declined to offer any formal guidance moving forward. 

However it said it anticipated prolonged store closures and subdued footfall in early 2021 to negatively impact revenues year-on-year, even after considering the six weeks of lockdown in late FY20. These shortfalls are expected to be partially offset by rent waivers and furlough support.

It added that e-commerce growth would decelerate in Q4 21 while wholesale revenues would end the year broadly in line with current market expectations.

Free NewsletterVISIT