RE: Peel Hunt: Superdry shares not priced for recovery18 Sep 2021 16:09
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Superdry is set to open a new megastore near Selfridges on Oxford Street, described as a “vote of confidence” in London, by Julian Dunkerton, chief executive.
Dunkerton, 56, is working on an overhaul of the brand and said: “It is quite hard to do a reset in an old store.” The fashion retailer shut its Regent Street store.
Yesterday Superdry reported that its annual pre-tax loss in the 12 months to April 24 narrowed to £37 million, an improvement on the £166.9 million loss the previous year.
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Group revenue fell by 21.1 per cent to £556.1 million which the company said was “a reflection of the significant impact from Covid-19 related disruption resulting in 39 per cent of store days lost in the financial year”.
Shares in Superdry closed up 42½p, or 14.9 per cent, at 327½p on the results and have doubled in value over the past year.
Superdry was founded by Dunkerton, who owns 20 per cent of the business, and James Holder in 2003 and the company employs 4,300 staff in 61 countries. Dunkerton left the group in 2015 but returned to the board 2019.
He said that the group had “turned the corner” with the latest results.
He added: “Like most brands with a physical presence our performance over the past year has been impacted by the significant disruption of Covid-19, but I am really proud of how the business has stepped up and returned to revenue growth in the fourth quarter.
“Store and wholesale revenues are recovering well despite continued subdued footfall, and Ecommerce margin is benefiting from our return to a full price stance.”
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