Superdry’s store revenue grew 14.7%. Credit: Kainoki Kaede/ Flickr (Creative Commons).

UK-based clothing company Superdry has reported revenue of £622.5m ($789.83m) in fiscal year (FY) 2023 (FY23), up 2.1% from £609.6m in FY22.

For the 52 weeks ending 29 April 2023, Superdry’s retail segment grew 14.6%. Meanwhile, its wholesale declined by 19.1%.

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Stores and e-commerce sales grew 14.7% and 14.3% in FY23 compared to the prior FY.

Superdry reported a statutory loss after tax of £148.1m in FY23, compared to statutory profit after tax of £22.4m in FY22, driven by the accelerated non-cash impairments of store assets of £43.3m.

Its basic loss per share for FY23 was 181.3p against a profit per share of 27.4p in FY22.

The continued clearance of aged stock has driven a decline in the retailer’s gross margin by 3.2% pts to 52.8% over the FY.

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Superdry founder and chief executive officer Julian Dunkerton said: “This has been a difficult year for the business and the market conditions have been extremely challenging, especially in wholesale. We’ve looked closely at how we operate and have taken decisive actions to improve our position, rebuild liquidity and recapitalise our balance sheet through careful preservation of cash and a re-engineered cost base.

“The good news is that despite the external turbulence, the brand is in sound health and has momentum. Stores and e-commerce delivered a strong sales performance and I’m excited by our collections for the Autumn/Winter 23 season.

“While wholesale remains very challenging, I believe the new team in place will recover this business in the medium term. I’m really excited by our new partnership in Asia, finalised after year-end, which not only has helped rebuild our balance sheet but will ensure Superdry can achieve its potential as a truly global brand.”