Superdry, the British clothing brand, has announced a swing to a pretax loss for fiscal 2023. The company attributed this loss to higher costs and impairments and highlighted the challenging market conditions it currently faces.
For the year ended April 29, Superdry reported a pretax loss of £78.5 million ($99.5 million), a significant shift from the £17.6 million profit recorded in fiscal 2022. However, there was a 2.1% increase in revenue, reaching £622.5 million.
The swing in profitability was primarily driven by a rise in selling, general, and administrative expenses, which increased to £419.1 million from £360.3 million.
Looking ahead, Superdry stated that its primary focus will be on achieving cost savings and improving margins. The company does not anticipate significant revenue growth due to the challenging and unpredictable consumer retail market. Additionally, the adverse impact of extreme weather events across the UK and Europe negatively affected their Spring Summer collection. However, the brand remains optimistic about the sales performance of their new Autumn Winter collection, particularly in outerwear.
On August 30, trading of Superdry's shares was temporarily suspended due to a delay in the release of its fiscal 2023 results report.
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