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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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Fashion

LVMH Sales Grow 1% in Second Quarter, Missing Estimates

This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
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LVMH Sales Grow 1% in Second Quarter, Missing Estimates

This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)

LVMH, the world's biggest luxury company, posted a 1% rise in organic sales in the second quarter on Tuesday, missing analyst estimates, and likely adding to investor jitters about slowing growth in the sector.

Sales at the French group, owner of labels Louis Vuitton, Tiffany & Co. and Hennessy, grew to 20.98 billion euros ($22.8 billion), a 1% rise on an organic basis, which strips out currency effects and acquisitions.

The figure fell below analyst expectations for revenues of 21.6 billion euros, according to an LSEG poll based on six analysts.

The report from luxury sector bellwether LVMH, which is Europe's second-largest listed company, worth around 340 billion euros, comes amid concerns about weak sales of designer fashions in the sector's key market, China.

The group's fashion and leather goods division, which includes the Louis Vuitton and Christian Dior brands and accounts for nearly half of group sales and the bulk of operating profit, grew 1%, slowing slightly from the previous quarter's 2% rise.

"While remaining vigilant in the current context, the group approaches the second half of the year with confidence," said LVMH Chairman and Chief Executive Officer Bernard Arnault in a statement.