Superdry in green push despite heavy loss
SUPERDRY’S boss wants the fashion chain to be the world’s “number one listed sustainable brand” despite slumping to a hefty annual loss.
Julian Dunkerton said sustainability credentials were his top priority as consumers became increasingly conscious of where and how clothes were made. “This is no gimmick,” he said. “We’re embracing and pushing our sustainability credentials in the world. It has to be embedded in what we do.”
The push is even expected to save Superdry some cash, said Mr Dunkerton, the brand’s founder who returned as boss last year. Superdry will now make its carrier bags in the UK in a move expected to save it £700,000.
The retailer posted a pre-tax loss of £167m for the year to April 25 – up from last year’s £89.3m loss. The forced clo- sure of all its stores pushed revenue down almost a fifth to £704m, although online orders soared. Mr Dunkerton insisted the chain had “plenty of cash” to see it through the crisis.
Almost all branches have now reopened. However, Superdry has resorted to more discounting to shift stock.
The company’s shares fell 19.2p to close at 132.7p.