Superdry has issued a cautionary note regarding expected sales declines following its departure from the London Stock Exchange in July.
- The fashion company’s financial year results show a slight improvement in pre-tax losses, moving from £78.5m to £65.2m.
- Sales over the past year dropped significantly, with projections suggesting further declines to between £350m and £400m by April 2025.
- Superdry’s workforce reduced by over 12%, marking a shift in operational strategy amid its ongoing restructuring efforts.
- The firm has transitioned to the JP Jenkins platform, which accommodates unlisted firms, for its shareholders’ trading needs.
Superdry, the well-known fashion retailer, has signalled ongoing financial difficulties in a recent announcement. After its strategic decision to leave the London Stock Exchange in July, Superdry anticipates a continuing sales downturn for the current financial year.
In the fiscal year ending April 2024, Superdry’s pre-tax losses showed a modest improvement from the previous £78.5 million down to £65.2 million. However, the company faced a sharp decline in turnover, with sales dropping from £622.5 million to £488.6 million year-on-year. Looking forward, the brand projects further revenue reduction, expecting figures to fall between £350 million and £400 million by the year ending April 2025.
This financial outlook coincides with a significant reduction in personnel. Over the last year, Superdry reduced its staff count by more than 12%, now employing 2,263 individuals. This decrease reflects a broader shift in the company’s operational focus as it undergoes a comprehensive restructuring plan designed to stave off insolvency.
Having secured the necessary agreements from creditors, shareholders, and the judiciary in June, the retail firm successfully delisted from the stock exchange. This move facilitated the initiation of its turnaround programme. Subsequently, Superdry’s shares began trading on the JP Jenkins platform, which caters to unlisted companies by providing a matched bargain trading service. This strategic shift is intended to stabilise the company’s trading activities while it rebuilds its market presence.
Julian Dunkerton, Superdry’s founder and chief executive, remains optimistic about the brand’s future. In an interview, he described the delisting as a step towards making the company ‘so much more relevant’ in the fashion industry. Dunkerton aims to rejuvenate the brand, which some view as outdated, and reposition it to appeal to a contemporary audience.
Superdry’s strategic decisions reflect its commitment to stabilising its financial performance amid ongoing market challenges.
