Superdry pins hopes on Black Friday sales during lockdown
Superdry is cutting prices and targeting strong online Black Friday sales while its stores are closed during the coronavirus lockdown in England.
The fashion retailer, which today reported that total revenue declined 23.3 per cent in the first half of the year, said it is focused on boosting ecommerce sales on Black Friday.
It has also increased promotional activity during the pandemic in order to clear excess inventory, which has dented retail gross margin in the first half.
The impact has been partially offset by cost management and cash preservation actions, but Superdry said the margin dynamics will continue for the rest of the year due to ongoing disruption caused by Covid-19.
In the 26 weeks to 24 October, Superdry’s stores were affected by a drop in footfall, particularly in large city centre locations.
As of 5 November, 122 stores are closed across England, Wales, France, Belgium and Ireland, with 117 still open and trading.
Superdry chief executive Julian Dunkerton said: “Covid-19 continues to disrupt our store and wholesale channels, but this is being partially mitigated by strong sales through our ecommerce operations.
“This has been an important period for Superdry, with the launch of our full Autumn/Winter 20 ranges and a true focus on using our social channels to reach our customers and bring our brand reset to life.
“This activity is delivering record levels of engagement through our influencer-led Autumn campaigns, and we will focus our energies in this area over the coming months led by our new chief marketing officer, Justin Lodge.”