- Clothes retailer saw revenues plummet 23.5% to £219.8m
- Cheltenham-based firm recently revealed its half-year results
- Boss Julian Dunkerton says it had ‘clearly been a difficult period’
Superdry revealed it is looking at several ways to cut costs, which could see the troubled retailer close stores and cut jobs.
The Cheltenham-based firm told investors today it was exploring ‘the feasibility of various material cost saving options’.
It comes as Sky News reported the group is working with advisers at PwC on a plan which could lead to CVA (company voluntary arrangement) or another form of restructuring.
The Cheltenham-based firm told investors it was exploring ‘the feasibility of various material cost saving options’
Such a move could result in store closures and potentially force through rent reductions with landlords.
On Friday, it was revealed Superdry finance boss Shaun Wills will step down at the end of March after the struggling fashion retailer reported a wider half-yearly loss.
The group blamed unusual weather and the cost-of-living crisis for an adjusted pre-tax loss of £25.3million for the six months to 28 October, up from a £13.6million loss last year.
Superdry, known for the Japanese graphics on its t-shirts and hoodies, saw revenues plummet 23.5 per cent to £219.8million over the period.
The business has struggled for some years with weaker sales and profit warnings, partly exacerbated by the Covid-19 pandemic forcing clothing shops to temporarily shut to customers.
UK retail sales fell by 3.2 per cent in December, the fastest decrease in nearly three years, according to the Office for National Statistics, as Britons bought their Christmas presents early or utilised Black Friday deals.
Superdry was among many companies to endure a problematic festive season, with the group’s revenues sinking by 13.7 per cent in the 12 weeks ending 20 January.
Julian Dunkerton, Superdry’s founder and chief executive, admitted it had ‘clearly been a difficult period,’ as he warned the firm ‘does not expect market conditions to get any easier in the near-term’.
Superdry shares were up 7 per cent to 17.58p in Monday morning trading.
DIY INVESTING PLATFORMS
Easy investing and ready-made portfolios
Free fund dealing and investment ideas
Flat-fee investing from £4.99 per month
Share investing: 30+ million community
Free financial coaching
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you