Plunging store sales but a surge online were the big stories in Superdry's latest quarter and full year. It remains upbeat as recovery signs are being seen, even though store closures will delay its turnaround.
Superdry's full-year figures were bad, as expected, but the company said its "reset year" is starting to yield results as its shifts from a buyer-led approach, boosts web sales, increases marketing and reinvents itself.
Superdry's trading update showed a sharp decline in Q4, but new its new management said it's acting fast to get it back to generating sales rises, although a profit warning means it won't be a quick transformation.
Superdry co-founder Julian Dunkerton needed 50% shareholder support to get back onto the struggling retailer's board and he has won his battle, getting 51.15% of the votes. The exec team has quit and he's now CEO.
Superdry's co-founder is stepping down from the company and will focus on charity in the future, also making a big donation to boost biodiversity. His product and brand role will be shared among the creative team.