UK-based clothing company Superdry has reported that its revenue for fiscal 2022 (FY22) grew by 9.6% to £609.6m year-on-year (YoY) compared with £556.1m in the prior fiscal year (FY21).

For the 53 weeks from 25 April 2021 to 30 April 2022, the company’s store revenue was £228.4m, up by 62.6% from £140.5m in FY21.

Its e-commerce revenue dropped by 22.8% to £155.7m YoY, while its wholesale revenue increased by 5.5% to £225.5m.

Superdry’s gross margin improved 350bps to 56.2% during the year, up from 52.7% in FY21.

The retailer’s statutory profit before tax for FY22 was £17.9m, compared with a loss of £36.7m in FY21.

The company returned to profitability with an adjusted profit before tax of £21.9m, against a £12.6m loss in the previous year.

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By GlobalData

Superdry CEO Julian Dunkerton said: “These are exceptional times for retail and for the economy more generally, and like all brands we’re having to work harder than ever to drive performance.

“Against that backdrop, I am pleased that we managed to return the business to full-year profit, driven by increased full price sales, whilst also making strong strategic progress.

“I’m proud of the strides our team has made, delivering great product while also making a step-change in our social and digital capabilities and real progress towards our sustainability objectives.

“Superdry is a premium, affordable, brand, which should mean we are well-positioned as customers think more carefully about their purchases.

“That said, given the current challenging conditions, we continue to run the business prudently while remaining focused on delivering our strategic goals.”

Superdry expects its revenue to continue recovering through fiscal 2023 (FY23), although it is not expected to return to pre-pandemic levels.

The company said that increasing cost inflation exacerbated by the conflict in Ukraine is likely to put pressure on operating margins across each of its territories.