Superdry hails return to profit in Dunkerton ‘reset’

SUPERDRY is back in profit for the first time since 2018 and reinstalled CEO Julian Dunkerton says his new Oxford Street flagship store is impressing customers.

Dunkerton, the co-founder, launched a boardroom coup in 2019 to get back in charge after anger at what he saw as the dilution of the brand, where discount sales had become the norm.

Since then his “reset” has been buffeted by the pandemic and fading consumer confidence.

In the half-year to October Superdry turned a profit of £4 million compared with a loss last time of £19 million.

Long Puffa jackets are selling well and the Oxford Street store, moved from less busy Regent Street, is working. “For once I can be really positive,” he said. “People are loving the reset, the store environment is more sophisticated.”

The battered share price today recovered 9p to 258p — it is up 23% in the last year.

Rising costs mean the cost of the clothes will go up by 2%. In a clear dig at previous management he said: “No stores will ever have a sale again… and discounting is limited to a shorter period online and very limited.”

Revenue was down 2% to £277 million. But teenagers have rediscovered the brand, says Dunkerton.

Peel Hunt, the broker, said in a note that the results show “brand progress” and that the company’s email database is five years younger than it was in 2019.