Struggling British fashion retailer Superdry said on Friday it does not expect significant revenue growth this fiscal year as it prioritizes cutting costs and bolstering margins.
The company, whose fashion line mostly include sweatshirts, hoodies and jackets, reported an adjusted pretax loss of 21.7 million pounds ($27.46 million) for the year ended April 29, 2023, compared with a profit of 21.6 million pounds.
Revenue for the first quarter ended July tumbled 18.4%, hurt by lower demand for its spring summer collection due to extreme weather across Europe and the UK and a later start to its end-of-season sale.
"Conversely, our new Autumn Winter collection is selling better this early in the season than usual," the company said.
