Superdry sales slide after pandemic restrictions hit stores

The firm said revenue for the 26 weeks to October 24 fell by 23 per cent compared with the same period last year, after it was hit by store closures.

It also took a hit from significantly reduced footfall once its stores opened their doors again in June.

The latest update comes as clothing retailers, including Superdry, shut their doors for England’s second national lockdown, which is set to last at least four weeks.

Julian Dunkerton, chief executive and founder of the brand, stressed that the outlook is “very uncertain” but hailed good progress in its recent turnaround plan.

Store sales for the past six months fell by 45 per cent, but the founder hailed strong online sales which improved in the second quarter.

Online shopping revenues rose 50 per cent in the first half, however this was partly offset by a 29 per cent decline in wholesale revenues.

Mr Dunkerton said: “Covid-19 continues to disrupt our store and wholesale channels, but this is being partially mitigated by strong sales through our ecommerce operations.

“This has been an important period for Superdry, with the launch of our full autumn/winter 2020 ranges and a true focus on using our social channels to reach our customers and bring our brand reset to life.

“We are determined to do the right thing by all our stakeholders – including colleagues, our retail and wholesale customers and investors – to ensure the business and brand returns to success.”

The firm, which sells sweatshirts, hoodies and jackets featuring Japanese text, said 122 stores are now temporarily closed across England, Wales, France, Belgium and Ireland, with 117 stores still open.

The company has increased the number of promotions to clear excess inventory.