Struggling fashion brand Superdry has issued a warning that its sales will continue to take a hit after exiting the London Stock Exchange in July as part of its rescue plan.
According to a filing on Companies House, Superdry’s financial results for the year to 27 April revealed pre-tax losses fell from £78.5 million to £65.2 million. However, sales dipped to 488.6 million from £622.5 million the year prior.
Looking ahead, it said it expects sales to be between £350 million and £400 million for the fiscal year, which was its target.
Superdry suspended trading on the stock market in July. Superdry’s delisting came as the retailer embarked on its turnaround plan, which was approved by the courts and the company’s creditors in June. The blueprint set out to achieve group revenue between £350-400 million.
At the time, Peter Sjӧlander, Chairman of Superdry, said: “The business has faced extraordinary external challenges and, while good progress has been made on our cost-saving initiatives, more needs to be done to get the business on a stable financial footing for the future.
“We believe that the proposed restructuring plan, combined with the equity raise fully supported and underwritten by Julian, is the best way to achieve this, together with a delisting, which would further reduce costs and enable the business to progress the turnaround.”
