Superdry has downgraded its full year profit outlook to breakeven despite a stronger Christmas performance.
The fashion retailer posted a 4.5% uplift in group revenue in the nine weeks to 31 December as it benefited from a recovery in in-store trading and increased demand for winter outerwear. Store revenue growth was particularly strong at 18.8%. However, wholesale revenue fell by 57.4% in the period, which Superdry partly attributed to the impact of shipment timings.
Giving an update on its half-year results for the 26 weeks to 29 October, Superdry said revenue edged up 3.6% to £287.2 million with retail channels growing by 9.5%. However, the retailer posted an interim pre-tax loss of £13.6 million compared to a loss of £2.8 million at the same time in the prior year.
Superdry has now cut its full year adjusted pre-tax profit outlook to breakeven from a previously guided £10 million to £20 million.
