Superdry reports continued online boost amid overall sales slump

Superdry has recorded a 55.3% growth in eCommerce sales in the 20 weeks to 12 September, although this has not been enough to prevent an overall revenue drop of 27% in this period as the clothing retailer continued to be impacted by the Covid-19 pandemic.

The figures showed that the brand’s online performance remained strong even as most of its store estate reopened following the easing of lockdown restrictions. Superdry has put this down to continued social distancing restrictions in its stores as well as a growing customer preference for digital shopping. Total in-store sales fell 48.3% year-on-year over the period.

In May, the retailer revealed eCommerce sales surged by more than 100% in a four-week period during early lockdown.

Superdry expects this shift to online to continue for the rest of 2020, “benefiting from the continued channel shift as a result of social distancing measures in stores, and from the investments in our brand and digital infrastructure”.

In the trading update published today, Superdry also revealed sales fell 19.2% year-on-year in the 52 weeks ended 25 April 2020, largely due to the closure of its entire store estate across the UK, Europe and North America from 22 March to the end of the financial year. This led to a pre-tax loss of £41.8 million over the year.

Julian Dunkerton, founder and chief executive officer at Superdry commented: "As with all retailers, we have experienced significant disruption to our operations, and this has inevitably had an impact on our FY20 results, but I'm proud of how everyone in the business has stepped up during this exceptional time.

“While our underlying profit has been impacted by trading performance during the year, including Covid-19 related store closures, I am particularly pleased by how strongly eCommerce has performed, with FY21 first quarter revenues nearly doubling year-on-year. This has been complemented by our increased digital consumer engagement, which helped drive a stronger womenswear mix than we have ever seen before. I'm pleased that we have delivered a good increase in the full price mix, which is up +12pts year-on-year and has had a positive impact on gross margin.”

Dunkerton also confirmed that the brand will continue with its transformation plans to increase its product range and be less reliant on discounting, as outlined last month.