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Superdry PLC on Friday reported it swung to an annual profit in financial year 2022 but expected adjusted profit to be lower in the current financial year due to a ‘challenging macroeconomic environment’.
In the financial year that ended April 30, the Cheltenham, England-based clothing retailer swung to a pretax profit of £17.9 million from a loss of £36.7 million a year prior.
Superdry shares rose 18% to 121.20 pence each in London on Friday morning.
Revenue grew 9.6% to £609.6 million from £556.1 million.
Adjusted pretax profit stood at £21.9 million versus a loss of £12.6 million. Looking ahead to current financial year 2023, Superdry expects a lower adjusted pretax profit, between £10 million and £20 million.
The company emphasised that 47% of its product volume purchased in financial year 2022 was sustainably sourced, up 14 percentage points from a year prior.
It proposed no dividends for the year. The last full-year dividend it paid was 9.3 pence for financial year 2019.
Superdry said its Spring/Summer 2022 season - the first of financial 2023 - saw a sell-through rate up 16 percentage points year-on-year, boosted by dresses and shirts sales.
Citing energy price increases and inflation, the firm said: ‘Increasing cost inflation, exacerbated by the conflict in Ukraine, is likely to put pressure on operating margins across each of our territories.
‘The group has taken action to hedge energy costs, with the majority of UK energy fixed until summer 2024 and the remaining European requirement fixed until the end of December 2022, but expects to see inflation across other areas of the cost base.’
Chief Executive Officer Julian Dunkerton said: ‘The last two years have caused unimaginable levels of disruption and uncertainty, with Omicron hitting at a critical sales period in financial 2022.’
The firm added: ‘Although we remain cautious on the macroeconomic outlook and the impact of inflation, we are confident that our strategy is positioning the brand for future success.’
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