2023-09-01 10:29:24
The clothing brand, already suspended on the stock market on Wednesday, announces that it has fallen heavily into the red.
The clothing brand Superdry, whose action was suspended on Wednesday in London due to a delay in the publication of its annual accounts, finally disclosed its results on Friday, announcing that it had fallen heavily into the red. Superdry recorded a net loss of 148.1 million pounds (166 million euros) for its financial year ended April 29, against a profit of 22.4 million a year earlier, citing in particular the significant weight of depreciations of assets and an adverse tax effect.
But while turnover rose 2.1% to 622.5 million pounds, the more difficult recovery in wholesale trade and rising costs related to rents, local taxes, energy or wages weighed on profitability, specifies the company, and this despitedownsizing at head office“. Superdry shares were suspended in London on Wednesday after the British clothing brand announced that the publication of its annual accounts was delayed – the company explained this by a change of auditor.
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“Extremely difficult” conditions
Superdry had said it wanted to request the reinstatement of the listing when the results were published. But the title remained suspended Friday morning. The action, which traded at 56.10 pence on Tuesday evening at the close, has seen its value divided by approximately three since the start of the year and by seven in two years. “It has been a difficult year for the company and market conditions have been extremely difficult“, summarized the boss Julian Dunkerton, who assures that the group has taken”decisive measures to improve (its) position, rebuild (its) liquidity and strengthen (its) balance sheet“. The group also announced on Friday a decline in its turnover of more than 18% in the first quarter, penalized in particular according to the company by inclement weather conditions in the United Kingdom and Europe in recent months.
More “despite this turbulence, the brand is healthy and dynamic“, assures Julian Dunkerton, quoted in the press release. “The cost of living crisis, weak consumer spending and a rainy summer weighed on demand», et «missing the deadline for posting his accounts didn’t help either“, says Victoria Scholar, analyst at Interactive Investor.
The company must nowfocus on cost control to drive the business back to better margins and profitability“, continues the analyst.
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