Superdry back in the black after pandemic-induced loss
Superdry is back in the black with a profit before tax of £22m, recording from a loss of £12.6m last year.
The British clothing giant’s statutory profit was up to £18m following a loss of £36.7m last year, while its revenue was up almost 10 per cent to £609.6m, from April 2021 until 2022.
Buoyed by a positive start to the next financial year, it is looking to pay off its £39m in net debt built up due to Covid-related rents.
Superdry however remains “cautious about the near future” due to the macroeconomic climate, inflation and expected lower consumer spending.
“Increasing cost inflation, exacerbated by the conflict in Ukraine, is likely to put pressure on operating margins across each of our territories.
It said it has “has taken action to hedge energy costs, with the majority of UK energy fixed until Summer 2024”.
“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”, said Julian Dunkerton, chief executive.
“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.”
He added however, “given the current challenging conditions, we continue to run the business prudently while remaining focused on delivering our strategic goals.”