Superdry FY revenues slump despite Q4 growth

(Sharecast News) - Clothing brand Superdry said on Thursday that fourth-quarter revenues had slightly increased despite substantial disruptions caused by the Covid-19 pandemic.
Group revenues for the year ended 24 April were down 21.0% year-on-year at £556.6m due to the enforced closure of the firm's retail storefronts throughout much of the year. However, Superdry stated it had delivered an increase of 0.8% year-on-year in the final quarter of 2021, driven by its ecommerce and wholesale divisions.

Ecommerce trading was said to be "strong", with revenues up 26.6% year-on-year as traffic to its sites soared 31.5%.

Superdry cut total stock units 14% year-on-year despite the pandemic as a result of targeted clearance activity and a reduced buy.

The FTSE 250-listed firm also noted that liquidity remained "strong", with closing net cash ahead of the previous year's figure of £36.7m at £39.4m.

Superdry also highlighted some "encouraging" trading since the re-opening of its owned stores in the UK, with the initial run-rate ahead of like-for-like trading through FY21, but it cautioned that EU trading remained "suppressed" due to continued restrictions on the continent.

Chief executive Julian Dunkerton said: "Despite all the disruption of the past year, Superdry has demonstrated its resilience and we have used this time to ensure the business is in the best possible shape for the future, really focusing on developing our digital presence and making strides towards our goal of being the most sustainable listed fashion brand.

"The early signs following the reopening of our UK stores are encouraging, as lockdown restrictions start to lift, and we can clearly see the light at the end of the tunnel. In short, we are on track with our reset of the brand and there's a lot to look forward to."

As of 0830 BST, Superdry shares were up 5.21% at 290.37p.