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Superdry's revenue falls as virus curbs hit footfall

Stock MarketsNov 05, 2020 08:10
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© Reuters. A man walks past a window display at a Superdry store in London

(Reuters) - Britain's Superdry (L:SDRY) posted lower first-half revenue on Thursday after coronavirus restrictions led to lower store traffic, as the fashion retailer shut its shops for a second national lockdown in England.

The company, which sells sweatshirts, hoodies and jackets featuring Japanese text, said it was focused on maximising online sales during Black Friday, with plans in place to capture an expected surge in demand.

"COVID-19 continues to disrupt our store and wholesale channels, but this is being partially mitigated by strong sales through our Ecommerce operations," co-founder and Chief Executive Julian Dunkerton said.

The government has imposed another national lockdown for four weeks in England, with plans to close all non-essential retail shops, in a bid to curb rising coronavirus cases.

Superdry said 122 stores are now temporarily closed across England, Wales, France, Belgium and Ireland, with 117 stores still open.

Total revenue fell 23.3% for the 26 weeks ended Oct. 24, with ecommerce sales rising 49.8%.

The company said it increased promotional activity to clear excess inventory, reducing full-price mix and retail gross margin in the first half of the year.

Superdry's revenue falls as virus curbs hit footfall
 

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