Superdry store sales jump as customers head back to shops

Superdry reported a jump in full-year store revenue on Thursday as it recovers from the impact of Covid restrictions, but said footfall remains "significantly" below pre-Covid levels.

In an year-end trading statement, the fashion retailer said store revenue rose 59% year-on-year to £224.5m as Covid restrictions were lifted in its key markets and shoppers returned to physical stores, although this was a 21.8% decline on a two-year basis.

Ecommerce revenue fell 24% on the year, reflecting the shift back to in-store shopping and reduced promotional activity.

Group revenue for the year came in at £610.5m, up 9.8% versus 2021 but down 13.3% on a two-year basis.

Chief executive Julian Dunkerton said: "We continue to execute our strategy of returning the Superdry brand to a premium position and I am excited by the progress we are making. Despite the ongoing tough trading conditions and turmoil in the market, our focus on full price trading will deliver a strong gross margin improvement for FY22.

"We are conscious of the cost-of-living pressures on consumers, meaning that now, more than ever, we must continue to deliver product that stands for what is important to them: quality, style and sustainability at great value.

"As we head into FY23 we remain cautious on the macroeconomic outlook and the impact of inflation but are confident that our strategy is positioning the brand for future success."

At 1000 BST, the shares were down 4% at 149.20p in a weaker London market.