Kim Zaheer steps in as interim CFO at Superdry, taking over from Giles David amidst the company’s latest financial disclosures.
- Superdry appointed Kim Zaheer as interim CFO, succeeding Giles David, as it published financial results.
- Zaheer, previously at Dreams and with experience at Tesco and WHSmith, joined in November.
- The company reported a 22% drop in group revenue and a pre-tax loss of £67.7 million.
- Superdry is focusing on restructuring and targeting £350m – £400m in revenue for FY25.
Superdry has strategically appointed Kim Zaheer as its new interim Chief Financial Officer. This move comes as the company released its financial results, reflecting significant challenges. Zaheer, bringing valuable experience from her previous roles as finance director at Dreams and senior positions at Tesco and WHSmith, steps in to replace Giles David, who served as interim CFO since January.
The financial reports reveal a notable 22% decline in group revenue, amounting to £488.6 million. This downturn was attributed largely to the continued underperformance of the wholesale division and weaker retail sales figures. Additionally, Superdry recorded a pre-tax loss of £67.7 million, a sharp decrease from £148.1 million in the previous year, indicating complex market conditions.
Despite these challenges, the company successfully implemented a cost reduction program, achieving over £40 million in savings within the year. Enhancements in gross margin by 2.2 percentage points to 55% were driven by a shift in channel mix and price adjustments, although markdown activities impacted these improvements. Inventory levels have also seen a positive reduction, moving from 18.9 million units at their peak to 7.2 million units by the end of the fiscal year.
Looking forward, Superdry is aiming for revenue between £350 million and £400 million for the upcoming financial year, with expectations for the gross margin to modestly rise above current numbers. Recent performance in the autumn and winter sales season has been positive, particularly with products like padded jackets and knitwear showing favorable results. The company noted the six-month performance leading to October as “a material improvement” compared to last year.
Superdry remains forward-thinking in its strategy, focusing on restructuring efforts to secure a sustainable future. By leveraging brand strength and enhancing digital presence, the company aims to return to profitability. There’s an emphasis on introducing new product lines that resonate with consumer demands, focusing on quality and sustainability as key factors.
Superdry is committed to turning financial challenges into strategic opportunities for future growth.
