UK-based clothing retailer Superdry has reported its revenue for the first half (H1) of fiscal 2023 (FY23) grew 3.6% year-on-year (YoY).
Revenue for the 26-week period ending 29 October 2022 was driven by strong performance in owned stores.
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Superdry’s total retail revenue increased 9.6% YoY over the period.
Store revenue increased 14.4% YoY in H1 FY23, but its e-commerce revenue grew just 1.7% YoY as shoppers switch to store from online channel.
Superdry recorded 5.2% decline in wholesale revenue, which was affected by the low levels of dispatches in October. Dispatches rate is expected to recover in the second half.
Superdry founder and chief executive officer Julian Dunkerton said: “I’m pleased with the performance of the business over the half. It’s been well documented that conditions are extremely challenging which weren’t helped by the unseasonably warm weather in October and into November.
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By GlobalData“However, by combining great product with affordable prices, we managed to grow sales in the first half. Our AW22 collection has been really well received by customers, especially our jacket range and party dresses, and it’s great to see store sales recovering well.
“I am also encouraged with how we have started the second half, which has seen our biggest ever week for e-commerce orders driven by a return to record levels of jacket sales over the Black Friday period and good momentum through the recent spell of colder weather.”
The retailer secured a new three-year financing facility of up to £80m, including a £30m term loan. It is set to expire in December 2025.
Its net debt decreased by more than £25m since 1 October to approximately £13m as of 20 December.
Dunkerton added: “We are very pleased to have completed our refinancing and this, combined with the continued strengthening of our brand and product, means the business is in good shape as we trade through our important Christmas trading period.”
