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- British fashion group Superdry ADR SEPGY has returned to profit in FY22.
- The company reported FY22 an adjusted profit before tax of £21.9 million versus a loss of £(12.6) million in FY21.
- Total revenue increased 9.6% to £609.6 million year-on-year, largely due to lapping enforced store closures and lifting of restrictions in the key markets.
- The gross margin expanded 350 basis points year-on-year to 56.2%, and the inventory fell by 2.6 million Y/Y to 12.4 million units.
- "We remain cautious about the near future as we continue to face a challenging macroeconomic environment, high levels of inflation, and the potential impact of these on consumer spending patterns," the company said in a statement.
- Superdry added that increasing cost inflation, exacerbated by the conflict in Ukraine, is likely to put pressure on operating margins across each of its territories.
- It also highlighted the importance of refinancing its Asset Backed Lending facility, which expires at the end of January 2023.
- Also Read: Abercrombie & Fitch Brand Remains Healthy With More Resilient Customer Base, Says Analyst
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