In the first half of its financial year, Superdry saw its turnover fall and its profit drop into a loss. Nevertheless, CEO Julian Dunkerton said he was "satisfied with the progress" that his fashion chain has made.
During the first six months of its financial year, Superdry's turnover fell by 11 % to 369.1 million pounds (440 million euros). The company issued fewer discounts in order to increase profit margins, but this choice had an impact on revenue. As a result, the company recorded a loss of 4.2 million pounds (5 million euros), partly as a result of negative currency effects but also due to the introduction of a new accounting standard (IFRS 16). In the same period last year, there was still a profit of 26.4 million pounds.
"At this halfway point in our financial year, I am pleased with the progress we have made to comprehensively reset Superdry", Dunkerton said in a press release. "We are only eight months into a process that will take two to three years, but I have great confidence in the strength of our new executive leadership team".
In April of this year, Dunkerton - who founded Superdry in 2003 - made a comeback as CEO of the fashion company he had left a year earlier. After Superdry announced heavy losses in July, the CEO stated that he wanted the brand to go back to its roots: more of a focus on design, product quality and a customer-focused retail approach.