Store revenues have recovered at fashion retailer Superdry which reported revenues up up 59.8 per cent year-on-year, as as it circled enforced covid closures and restrictions were lifted in key markets, but it revealed that footfall remains significantly below pre-Covid levels.
But that came at the expense of e-commerce revenues which decreased 24 per cent year-on-year, reflecting an element of channel shift back to physical trading and reduced promotional activity, in line with its determination to get customers paying full price for goods.
Come-back kid and Superdry CEO, Julian Dunkerton, 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. Despite the ongoing tough trading conditions and turmoil in the market, our focus on full price trading will deliver a strong gross margin improvement for FY22.
“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.
“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.”