Posts

Superdry sees increase in sales but drop in profits

shopping-retail
The clothing company has seen sales rise to double digits. However, profits did drop.

The company’s shares faltered after recent currency fluctuations.

Sales rose by 20% to £402 million from the 26-week period ending on the 28 October, 2017. This may be so but gross profits dropped 28% to £9.1 million. Shares at the fashion brand have dropped 2.4% to £19.91 in the morning market.

The rise in sales can be attributed to the company’s expansion, where in the 26-week period it opened 91 new stores (23 of its own and 68 are licensed premises).

In a ten-week period to the 8 January, sales rose 13% to £216 million. The CEO of Superdry, Euan Sutherland, said, “Our focus is on executing against the growth opportunities we have identified. We have a clear brand positioning, an innovative approach to digital marketing, a disruptive multi-channel approach and a growing culture of operational excellence.”

Superdry will have to be careful in attempting to stave off such recent declines as Debenhams, where disappointing sales figures will likely lead to job cuts and store closures.