It has been a dire start to 2024 for Superdry (SDRY), the Julian Dunkerton-steered fashion brand whose shares are down almost 50% year-to-date, extending one- and five-year losses to 86% and 96% respectively.

The latest downward lurch reflects a pre-Christmas profit warning (19 December 2023) pinned on the challenging retail market and one of the warmest autumn seasons on record which persisted through the Christmas period, impacting demand for Superdry’s autumn/winter 2023 ranges.

Downbeat first half results (26 January 2024) confirmed a woeful festive period with group sales down 13.7% in the 12 weeks to 20 January 2024 amid heavy sector-wide discounting, although Superdry did benefit from some ‘more encouraging trends during the recent cold weather period’.

The retailer also announced it had lost its fourth finance director in five years with Shaun Wills to step down next month and hand over his spreadsheets to Giles David.

On 29 January 2024, Superdry confirmed press speculation that it was working with advisors to explore the ‘feasibility of various material cost saving options’ with media reports suggesting a radical restructuring involving significant numbers of store closures and job cuts was under consideration.

Superdry is set to deliver more than £40 million in savings this financial year, ahead of the initially-stated £35 million target, with ‘more than £20 million of those savings already achieved in H1’.

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