UK-based fashion brand and retailer Superdry has reported a decline in group revenue for the first half (H1) of the fiscal year 2022 (FY22), which consists of the 26 weeks to 23 October.
The company saw its revenue fall to 2.4% compared to H1 2021, a 25.3% decrease from H1 2020.
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By GlobalDataSuperdry’s store revenue for the period was up by 21.7% compared to H1 2021, while its e-commerce business saw its revenue increase by 7.6% from H1 2020 and fall by 30.0% from H1 2021.
The H1 performance was impacted by temporary closures in Europe, with the brand permanently closing 15 of its stores.
The company’s wholesale revenue increased by 1.2% from H1 2021.
For the eight weeks to 23 October, Superdry’s group revenues were down by 17.2% on the same period of FY20 and 8.8% lower than in FY21.
Its store revenue during this period was up by 2.5% against FY21, but its online revenue fell by 20%.
Superdry founder and CEO Julian Dunkerton said: “Superdry is recovering well from the disruption of the Covid-19 pandemic and I am really pleased with the start to the autumn/winter 2021 (AW21) season, despite the ongoing disruption around the world.
“Once the new range landed and we began trading against a comparable full price period, we saw an acceleration into positive two-year retail like-for-like growth.
“Our focus on full-price sales continues to deliver improvements in gross margin and I am pleased that we are ending the half with 10% fewer inventory units than last year.
“We are encouraged by the performance this strategy is starting to deliver, which gives me further confidence in the full-year outlook.”
Superdry currently operates a network of 226 physical stores and 487 franchisees and licensees across more than 50 countries.
The company plans to open another flagship store in Oxford Street on 10 November.
In September, Superdry reported a 21.1% decline in revenues to £556.1m ($767m) for the 52 weeks to 24 April.
