Superdry confirms 'cost-saving options' as it looks at store closures and cuts

29 January 2024 , 12:51

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Superdry is having to cut costs which could include job cuts (Image: PA Archive/PA Images)

Fashion brand Superdry, currently facing trading difficulties, has announced it's considering various "cost-saving options".

This comes after reports suggested a major restructuring plan, which could lead to store closures and job cuts. Superdry confirmed on Monday that it is working with advisers to explore the feasibility of significant cost-saving measures.

The company stated: "Whilst there is no certainty that any of these options are progressed, they aim to build on the success of the cost-saving initiatives carried out by the company to date and position the business for long-term success." This news follows a recent report revealing a sharp drop in sales over the half-year to October.

The clothing firm reported that its revenue had fallen by nearly a quarter (23.5%) to £219.8 million in the six months to the end of October, with adjusted loss nearly doubling to £25.3 million. The retail company, which has a global workforce of about 3,350, revealed it had slashed around £20 million in costs over the half-year and is on track to save over £40 million this year.

This led to the closure of 12 stores in the first half of the financial year, reducing its total to 216 owned stores. The firm also operates shops through franchisees.

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Lawrence Matheson