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Fashion retailer Superdry reported narrower annual losses as the reopening of stores and cost cuts helped offset a pandemic-led fall in revenue.
For the 52-week period from 26 April 2020 to 24 April 2021, pre-tax losses narrowed to £36.7 million from £166.9 million, while revenue fell 21.1% to £556.1 million.
The narrower losses were attributed to cost saving measures and government support helping to offset trading shortfalls.
The fall in revenue reflected 'the significant impact from Covid-19 related disruption resulting in 39% of store days lost in FY21 (10% in FY20),' the company said.
Gross margin decreased by 90bps to 52.7%.
The company said it had decided not to propose a final dividend for FY21.
'Trading has been encouraging since the reopening of our stores, and we'll take a big step forward as a brand with the opening of our global flagship store in Oxford Street later in the Autumn,' the company said.
'As anticipated, store revenue rebounded strongly against FY21, with the UK (+76%) and the US (+169%), lapping temporary store closures in the prior year,' it added.
Looking ahead, the company said it doesn't expect a change to the adjusted pre-tax market expectations for FY22.