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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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Dolce&Gabbana CEO Ready to Open Capital to New Investors

The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
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Dolce&Gabbana CEO Ready to Open Capital to New Investors

The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann

Dolce&Gabbana is ready to consider opening up its capital to new investors either through a listing or other routes, the Italian fashion house's CEO said.
"We are now ready to consider opening our capital to third parties through a listing or other financial instruments," CEO Alfonso Dolce said in an interview published on Monday in Corriere della Sera's L'Economia weekly supplement.
The financing must "not compromise the ethical value of our company, its respectful growth," said Dolce, brother of Domenico, who founded the group and runs it in partnership with Stefano Gabbana, Reuters reported.
In May, the CEO did not rule out a possible future stock market listing, but said the move was not a priority.
Dolce&Gabbana's revenue for the 2023-2024 fiscal year, which ended in March, was up 17% to 1.871 billion euros ($2.04 billion), said Dolce, adding that he hoped to repeat this growth this year.
The fashion house will open 12 new stores in the US, including at 695 Madison Avenue in New York, the former Hermes location, with more than 2,000 square meters over five floors.
"The United States are vital, we already have 72 stores, plus four in Canada, together they represent 28% of our turnover, compared to 16% in China," said Dolce.