Superdry plc (SDRY)
("Superdry" or "the Company")
6 May 2021
Year-end Trading Statement
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Full price discipline drives significant improvement in Q4 trading gross margin
Strengthened leadership team focused on delivering brand reset
Superdry announces a trading update covering the 52-week period from 26 April 2020 to 24 April 2021 ("FY21").
Julian Dunkerton, Chief Executive Officer, said:
"Our strengthened Ecommerce presence has helped mitigate the impact from enforced closures of our stores. We returned to revenue growth in Q4, and our commitment to a full price stance over the period has seen significant online margin improvement. Our liquidity remains strong, with closing net cash ahead of last year and our facilities remain undrawn.
Despite all the disruption of the past year, Superdry has demonstrated its resilience and we have used this time to ensure the business is in the best possible shape for the future, really focusing on developing our digital presence and making strides towards our goal of being the most sustainable listed fashion brand. I'm proud that we've been able to accelerate our commitment to ensure all pure cotton items are organic by five years to 2025, working closely with growers in India, and that our focus in this area was recognised by Drapers at its Sustainable Fashion Awards in February.
We have also further strengthened our leadership team with new CFO Shaun Wills and COO Silvana Bonello in place and already having a positive impact. Last week we were joined by Peter Sjӧlander who started in his role as Chairman. I am confident we have the right team in place to drive the business forward.
The early signs following the reopening of our UK stores are encouraging, as lockdown restrictions start to lift, and we can clearly see the light at the end of the tunnel. In short, we are on track with our reset of the brand and there's a lot to look forward to."
There remains significant uncertainty given the varying impacts of the pandemic in our markets particularly to the trajectory and phasing of the consumer recovery. However, we are confident of growth in FY22 revenue and profitability compared to FY21 assuming no further material national store lockdowns and a continuing recovery in footfall and consumer demand through the period.
Profitability will be supported by higher gross margins from our restored full price discipline and positive operating leverage from reduced store costs, partially offset by the end of government support and our ongoing brand marketing investment.
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Notes to Editors
The Superdry brand is obsessed with design, quality and fit and committed to relentless innovation. We design affordable, premium quality clothing, accessories and footwear which are sold around the world. We have a unique purpose to help our consumers feel amazing through wearing our clothes. We have a clear strategy for delivering continued growth via a multi-channel approach combining Ecommerce, Wholesale, and physical stores. We operate in over 50 countries and have over 3,750 colleagues globally.
This announcement contains certain forward-looking statements with respect to the financial condition and operational results of Superdry Plc. These statements and forecasts involve risk, uncertainty, and assumptions because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Except as required by law, Superdry Plc has no obligation to update the forward-looking statements or to correct any inaccuracies therein.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for this announcement on behalf of Superdry is Ruth Daniels, Group General Counsel and Company Secretary of Superdry.
|OAM Categories:||3.1. Additional regulated information required to be disclosed under the laws of a Member State|
|EQS News ID:||1193044|
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