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Retailer Superdry signals improved trading after annual loss

·1-min read
FILE PHOTO: A window display is seen at a Superdry store in London
FILE PHOTO: A window display is seen at a Superdry store in London

(Reuters) - Superdry <SDRY.L> on Monday said its trading performance has improved in the months since April despite uncertainty around the COVID-19 pandemic, as the British fashion retailer swung to an annual loss due to lockdown-led store closures.

The company said demand was gradually returning, with a major shift of customers to its online stores, but it had to discount heavily in the last few months to clear items that had accumulated in stores during lockdowns.

Superdry, which sells sweatshirts, hoodies and jackets adorned with Japanese text, has embarked on a plan to turn the business around under co-founder and Chief Executive Officer Julian Dunkerton, who retook control of the group in April last year.

"I am particularly pleased by how strongly e-commerce has performed, with FY21 first-quarter revenues nearly doubling year-on-year," said Dunkerton.

Online sales for the 20 weeks to Sept. 12 jumped 55.3%.

Underlying pretax loss stood at 41.8 million pounds ($54.1 million) for the year ended April 25, compared with a profit of 38 million pounds a year ago. Group revenue fell 19.2%.

($1 = 0.7728 pounds)

(Reporting by Pushkala Aripaka in Bengaluru and James Davey; Editing by Devika Syamnath)