1st Sep 2023 11:29
(Alliance News) - Superdry PLC on Friday said it swung to a loss in financial 2024 on higher costs while revenue rose slightly, after having failed to publish its annual results on time.
In the year ended April 29, the Cheltenham, Gloucestershire-headquartered clothing retailer swung to a pretax loss of GBP78.5 million from a GBP17.6 million profit a year prior, as selling and distribution costs grew by 13% to GBP306.6 million.
Revenue grew marginally by 2.1% to GBP622.5 million from GBP609.6 million the year before, driven by "strong performance" in its Stores & Ecommerce divisions, which grew by 15% to GBP262.0 million and 14% to GBP178.0 million respectively.
However, Superdry said the figure was offset by a weaker performance in its Wholesale division, with revenue dropping by 19% to GBP182.5 million.
The retailer did not pay a dividend for financial 2023, unchanged from the previous year.
Superdry said it is "restricted" from paying dividends to shareholders due to an asset-backed loan of up to GBP80.0 million from lender Bantry Bay.
Looking ahead, Superdry said it will focus on improving its cost savings through a GBP35 million cost savings programme, and therefore does not expect to see "significant" revenue growth in financial 2024.
Superdry's results come as the company's shares were suspended from trading on the London Main Market on Wednesday, after it missed its Tuesday deadline for publishing its results for the financial year that ended in April.
Shares in Superdry remain suspended.
By Sabrina Penty; Alliance News reporter
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