Superdry, the urban-inspired fashion brand, has announced positive results for its fourth quarter, indicating a turnaround in its performance. In the company’s full-year trading update, CEO Julian Dunkerton highlighted the progress Superdry has made in regaining its strength, although there is still more work to be done. The update covers a significant period, including months affected by the pandemic and the post-pandemic period.

In terms of revenue, Superdry reported a decrease for the full year but an increase in the final quarter. Store revenue saw a significant recovery, rising by 59.8% compared to the previous year as stores reopened after closures and restrictions were lifted. However, footfall remained below pre-Covid levels. On the other hand, e-commerce revenue decreased by 24% year-on-year, reflecting a shift in consumer behavior towards physical stores and Superdry’s reduced promotional activity.

Despite the decline in e-commerce revenue, Superdry’s strategic focus on full-price sales paid off. The company witnessed a 26 percentage point increase in full-price sales mix compared to the previous year, resulting in a 590 basis points improvement in retail gross margin. Additionally, Superdry achieved encouraging growth in wholesale revenue, with a 4.2% increase year-on-year, despite challenges in European markets.

Taking a closer look at the numbers, Superdry’s group revenue for FY22 was £600.7 million, showing an 8% increase compared to FY21 but a 14.7% decrease compared to pre-pandemic FY20. Sales through stores reached £224.5 million, marking a 59.8% increase compared to the previous year but a 21.8% decrease compared to FY20. E-commerce revenue for the year was £153.4 million, down by 24% compared to the previous year but up by 1.2% compared to FY20. Overall, retail revenue for Superdry was £378 million, a 10.4% increase compared to the previous year but a 13.9% decrease compared to two years ago. Wholesale revenue for FY22 was £222.8 million, a 16.1% decrease compared to the pre-pandemic period.

The fourth quarter proved to be particularly positive for Superdry. The company’s group revenue reached £159.7 million, reflecting a 17% increase compared to FY21 and a 6.7% increase compared to FY20. Store revenue for the quarter rose by 203% year-on-year, reaching £47.2 million, an increase of 22.9% compared to two years ago. E-commerce revenue, as expected, decreased by 21.5% to £38.2 million compared to the previous year and by 6.6% compared to two years ago. Overall retail revenue for Q4 was £85.4 million, a 33% increase compared to the previous year and a 7.7% increase compared to two years ago. Wholesale revenue for the quarter rose by 2.7% year-on-year to £74.2 million, marking a 5.6% increase compared to two years ago.

Julian Dunkerton, in his comments on the company’s performance, emphasized Superdry’s progress in returning to a premium position and expressed excitement about the company’s direction. He highlighted the focus on full-price trading, which has resulted in a significant improvement in gross margin for FY22. Dunkerton acknowledged the challenges in the market and the impact of inflation but expressed confidence in Superdry’s strategy, positioning the brand for future success.

Superdry’s ability to adapt to changing consumer behavior and focus on full-price sales has proven to be successful. As the company enters FY23, it remains cautious about the macroeconomic outlook and the potential impact of inflation. However, Superdry is confident that its commitment to delivering quality, style, and sustainability at great value will resonate with consumers and contribute to its future success.

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