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‘Cautious’ Superdry posts higher revenue, flags inflation concerns, Retail News, ET Retail


'Cautious' Superdry posts higher revenue, flags inflation concernsBritish fashion chain Superdry said on Thursday annual sales grew 8%, as its stores reopened after the lifting of COVID-19-led curbs, but the company remained cautious about its outlook amid raging inflation concerns in the country.

Businesses in the UK, particularly non-essential retailers, are expecting an economic slowdown to impact sales, as surging prices of everything from fuel to home appliances are putting sharp pressure on household finances.

Shares of the firm listed on UK’s FTSE Small Cap lost more than 6% to 146 pence in early trade, amid a broader weakness in the London equities.

“We are conscious of the cost-of-living pressures on consumers … we remain cautious on the macroeconomic outlook and the impact of inflation,” the company said in a statement.

Superdry, best known for its sweatshirts, hoodies and jackets featuring Japanese text, said its revenue for the 52 weeks ended April 23 was 600.7 million pounds ($733.57 million), while sales from stores surged about 60%.

Footfall, however, remained significantly below pre-pandemic levels, it added.

Superdry said it hopes to “deliver a strong gross margin growth” for fiscal 2022 despite the “ongoing tough trading conditions and turmoil in the market”.

Retailers such as Superdry have had to navigate stagnant supply chains and battle huge falls in store visits during the pandemic, while also facing widespread staff shortages as Britain adapted to fewer EU workers following Brexit.





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