Superdry suffers big loss but founder confident of turnaround
12/07/2019
Its total sales during this period were £871.7 million, on which the brand made a net loss of £85.4 million. This compares to a profit of £65.3 million in the previous year.
Superdry founder Julian Dunkerton returned to the business in April, having stepped down a little over a year earlier. During his time away, he was a vocal critic of the strategy of its new management team, describing it as “misguided”.
Upon his return to the board in April, a move that prompted the resignation of a number of senior executives, he pledged to turn the brand around.
Following the release of its latest financial results, Mr Dunkerton, who is also interim chief executive, said: “The issues in the business will not be resolved overnight. My first priority on returning to Superdry has been to steady the ship and get the culture of the business back to the one which drove its original success.”
Among the areas he said Superdry would focus on moving forward were a return to its “design-led roots” and efforts to “get the retail basics right”. He also pledged to “reignite the brand’s DNA” through consumer engagement and social media.
In its outlook for the 2019-20 financial year, the brand said it expects to see a slight decline in revenue. It described this period as “a year of reset”.
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