Superdry has appointed Kim Zaheer as the new interim Chief Financial Officer (CFO), succeeding Giles David.
- The announcement coincides with the publishing of Superdry’s financial results for the year ending 27 April.
- Superdry reported a 22% drop in group revenue, now standing at £488.6 million, attributing it to challenging wholesale and retail environments.
- Despite a loss before tax of £67.7 million, the company has achieved £40 million in cost savings and improved its gross margin by 2.2%.
- Superdry is optimistic about future performance as it continues to restructure and targets robust revenue figures for FY25.
Superdry has named Kim Zaheer as its new interim CFO, taking over the role from Giles David. This leadership change coincides with the company revealing its financial performance for the fiscal year ending 27 April.
The financial results highlight a noticeable decrease in Superdry’s group revenue, which has fallen by 22% to £488.6 million. This downturn has been primarily linked to the underperformance of the wholesale division and a dip in retail sales.
Despite these challenges, Superdry has made significant strides in cost reduction, successfully realising savings of over £40 million within the year. Additionally, the company’s gross margin experienced an increase of 2.2 percentage points, reaching 55%, thanks to adjustments in channel mix and price inflation, although this was mitigated by markdowns needed to clear old stock.
Inventory levels have dropped sharply, from a peak of 18.9 million units in FY19 to 7.2 million units by the end of FY24, reflecting the company’s efforts to streamline operations. Superdry is setting ambitious revenue targets for FY25, aiming for between £350 million and £400 million, with expectations of a slightly improved gross margin.
The period following the fiscal year has seen a promising start to the autumn/winter season, with sales of cold-weather products like padded jackets and knitwear showing positive growth. According to company statements, ‘Despite the challenging market conditions, we are focused on enacting our restructuring and turnaround plan, leveraging our brand strength and enhancing our digital presence to secure our long-term future and return the business to profitability.’
Superdry is actively pursuing a structured plan to overcome current market challenges and aims to return to profitability.
