Superdry profits wiped out as sales fall in ‘year of reset’
Superdry’s recorded a nosedive in pre-tax profits at the interim mark but boss Julian Dunkerton said he was “pleased with the progress” made by the retailer.
The fashion retailer posted a 98.4% cascade in underlying pre-tax profit before the impact of IFRS 16 to £200,000 26 weeks to October 26, exacerbated by an 11% drop in total group revenue to £369.1m.
On a statutory basis, Superdry swung to a pre-tax loss of £4.2m compared with a profit of £26.4m during the same period the previous year.
The fashion retailer said its sales decline “reflects an expected year of reset, as we address a number of legacy issues across the business.”
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