News Article11 Mar 2024 20:28
The Superdry (LON: SDRY) share price continued its remarkable sell-off as concerns about the company’s growth continued. The stock plunged by over 20% on Tuesday to a low of 33p. This is a strong sell-off considering that it peaked at 492p in 2021 and 1,948p in January 2018.
Concerns about the company continue
Superdry stock price has been in a strong sell-off since 2018 as the company’s growth continued to decelerate. In its most recent results, the company said that its total revenue in FY 23 rose slightly to over £622.5 million. Its gross margins dropped to 52.8% while the firm’s statutory loss after tax jumped to over £148.1 million.
In the statement, the company’s founder and CEO lamented that the business was having a difficult year, especially in its wholesale business. As a result, he confirmed that his team was still working on a turnaround strategy.