Superdry (SDRY) made progress in weaning itself from a previous “reliance on constant promotions”, in the words of chief executive Julian Dunkerton, who returned to the clothing business in April. Mr Dunkerton is moving the company away from discounts on clothing.
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A return towards full-price sales hit first-half revenues, which fell 11.3 per cent. Management also attributed this to Superdry working through legacy stock, as the company looks to rid itself of lower-quality products. Fully-priced sales accounted for 70 per cent of total revenue, up from a previous level of 52 per cent. Superdry’s gross margin jumped 320 basis points accordingly.
