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Britain's Superdry Warns on Revenue Growth after Posting Annual Loss

FILE PHOTO: Superdry goods are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. REUTERS/Andrew Kelly/File Photo
FILE PHOTO: Superdry goods are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. REUTERS/Andrew Kelly/File Photo
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Britain's Superdry Warns on Revenue Growth after Posting Annual Loss

FILE PHOTO: Superdry goods are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. REUTERS/Andrew Kelly/File Photo
FILE PHOTO: Superdry goods are seen at their store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. REUTERS/Andrew Kelly/File Photo

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.

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Zara Owner Inditex Reports Weaker Than Expected First-quarter Sales

A woman carries a bag from Spanish multinational retail clothing chain Zara, the flagship brand of the Inditex clothing company, in the Gran Via of Bilbao, Spain, March 12, 2024. (Reuters)
A woman carries a bag from Spanish multinational retail clothing chain Zara, the flagship brand of the Inditex clothing company, in the Gran Via of Bilbao, Spain, March 12, 2024. (Reuters)
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Zara Owner Inditex Reports Weaker Than Expected First-quarter Sales

A woman carries a bag from Spanish multinational retail clothing chain Zara, the flagship brand of the Inditex clothing company, in the Gran Via of Bilbao, Spain, March 12, 2024. (Reuters)
A woman carries a bag from Spanish multinational retail clothing chain Zara, the flagship brand of the Inditex clothing company, in the Gran Via of Bilbao, Spain, March 12, 2024. (Reuters)

Zara owner Inditex missed expectations for its first-quarter sales on Wednesday, adding to doubts about the ability of the fast-fashion retailer to keep delivering strong sales growth in an uncertain economic environment.

Inditex also reported a slower start to its summer sales, with revenue growth of 6% from May 1 to June 9, compared to a 12% growth in the same period a year ago, Reuters said.

The company reported revenues of 8.27 billion euros ($9.44 billion) for its first quarter ending April 30, missing analysts' average estimate of 8.36 billion euros, according to an LSEG poll.

Fears of resurgent inflation and an economic slowdown triggered by tariffs have already dampened consumers' enthusiasm for shopping in the United States and elsewhere.

Cooler weather in Spain, which accounts for 15% of Inditex's global sales, has also probably hurt the retailer's performance, according to Bernstein analysts.