Fashion chain Superdry has slashed its sales outlook and revealed plans to cut costs by more than £35m after seeing dampened consumer spending.
It said issues outside the company’s control, including cost-of-living pressures and poor weather weakening demand for spring and summer collections, meant sales in February and March had “not met our expectations”. The company, which has its headquarters in Gloucestershire, told shareholders on Friday, April 14, it has decided to withdraw its previous profit guidance that it would broadly breakeven for the 2023 financial year.
The brand said its planned multimillion-pound cost cutting could partly be achieved by “estate optimisation”, suggesting shop closures, and reducing its clothing ranges. Bosses added that capital raise options were “being considered”, including a potential equity raise of up to 20%, which they said would be “fully supported” by Julian Dunkerton, the label’s founder and chief executive.
