Superdry Posts Wider Adj. Pretax Loss In H1, Revenue Up 3.6%; Revises Outlook

Superdry Plc (SDRY.L,SEPGF.PK,SEPGY.PK) reported a first-half adjusted loss before tax of 13.6 million pounds, compared to a loss of 2.8 million pounds, prior year. The Group said its adjusted loss before tax was impacted by a return to normal rent business rates and other costs whilst the store business remained heavily impacted by Omicron, particularly in Europe and exacerbated by underperformance in Wholesale. Adjusted loss per share was 11.2 pence compared to a loss of 3.8 pence. Adjusted loss before tax included foreign exchange gains of 17.2 million pounds.

Statutory loss before tax was 17.7 million pounds, compared to profit of 4.0 million pounds, last year. Loss per share was 15.0 pence compared to profit of 3.0 pence.

Group revenue increased 3.6% year-on-year to 287.2 million pounds, largely driven by the strong performance in owned stores. Store sales increased 14.3% year-on-year to 117.7 million pounds. Ecommerce increased 1.6% year-on-year to 63.3 million pounds.

For the 9 weeks from 30 October 2022 to 31 December 2022, group revenue was up 4.5% from prior year.

Due to underperformance of Wholesale and increasing uncertainty on fourth quarter, the Group has revised outlook for fiscal 2023 adjusted profit before tax to be broadly breakeven. Previous guidance was 10 - 20 million pounds.

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