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    Superdry at a loss, but "happy with progress"

    Superdry at a loss, but "happy with progress"

    In the first half of its financial year, Superdry saw its turnover fall and its profit drop into a loss. Nevertheless, CEO Julian Dunkerton said he was "satisfied with the progress" that his fashion chain has made.

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    Fewer discounts

    During the first six months of its financial year, Superdry's turnover fell by 11?% to 369.1?million pounds (440?million euros). The company issued fewer discounts in order to increase profit margins, but this choice had an impact on revenue. As a result, the company recorded a loss of 4.2?million pounds (5?million euros), partly as a result of negative currency effects but also due to the introduction of a new accounting standard (IFRS 16). In the same period last year, there was still a profit of 26.4?million pounds.

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    "At this halfway point in our financial year, I am pleased with the progress we have made to comprehensively reset Superdry", Dunkerton said in a press release. "We are only eight months into a process that will take two to three years, but I have great confidence in the strength of our new executive leadership team".

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    In April of this year, Dunkerton - who founded Superdry in 2003 - made a comeback as CEO of the fashion company he had left a year earlier. After Superdry announced heavy losses in July, the CEO stated that he wanted the brand to go back to its roots: more of a focus on design, product quality and a customer-focused retail approach.

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