The British clothing supplier Superdry Plc suffered significant losses in sales in the first half of the 2023/24 financial year.
The results were “significantly below management’s expectations,” the company admitted in an interim statement published on Tuesday. In addition to the difficult market conditions, the “unusually mild autumn” had a negative impact on demand, it was said.
In the 26 weeks to October 28, sales in its own retail fell by 13.1 percent compared to the same period last year, Superdry said. In the wholesale business, sales even fell by 41.1 percent, which, according to the company, was at least partly due to the discontinuation of wholesale activities in the USA.
In the first six weeks of the second half of the year, the downward trend weakened somewhat due to falling temperatures and higher demand for warm clothing. During this period, revenues on a comparable basis were only around seven percent below the corresponding previous year’s level.
The company emphasized that it was “on track” with its ongoing savings program. The clothing supplier warned that profits in the current financial year would be burdened by the unexpectedly weak sales development.