Superdry sees full year revenues rise as shoppers return to physical stores
Superdry has released its financial results for the year, crediting its "rebound in revenue" to the return of shoppers to its physical stores in key markets.
In the fourth quarter ending 23 April, the British fashion retailer posted group revenue of £159.7 million, up 17% on a year-over-year basis and up 6.7% on a year-over-two-year basis.
Q4 store sales increased by 203% compared to the previous year, and up 22.9% compared to two years ago. Superdry attributed the rise to the return of shoppers to physical stores following the lifting of COVID-19 restrictions, though footfall remains significantly below pre-COVID levels.
Online sales were down 21.5% compared to the prior year and down 6.6% compared to two years ago.
Superdry posted full year revenue of £600.7 million, up 8% a year ago, but 14.7% below pre-pandemic levels from two years ago.
Store revenue was up 59.8% compared to the prior year, but down 21.8% compared to two years ago, whilst e-commerce revenue was down 24% on a year ago, but up 1.2% on two years ago.
Julian Dunkerton, Chief Executive Officer of Superdry said: "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. We are conscious of the cost-of-living pressures on consumers, meaning that now, more than ever, we must continue to deliver product that stands for what is important to them: quality, style and sustainability at great value,” Dunkerton added.
"As we head into FY23 we remain cautious on the macroeconomic outlook and the impact of inflation but are confident that our strategy is positioning the brand for future success."