Superdry has appointed Kim Zaheer, a veteran in financial leadership, as its new interim Chief Financial Officer.
- Zaheer takes over from Giles David, following a transformative period within the company.
- Superdry’s recent financial report reveals a 22% drop in group revenue, highlighting challenges in wholesale and retail sectors.
- The company’s cost reduction efforts have resulted in over £40m savings, aiming for a sustainable future.
- Superdry is optimistic about the upcoming season, with an expected revenue target of £350m to £400m for the next fiscal year.
Superdry has welcomed Kim Zaheer as the interim Chief Financial Officer, succeeding Giles David, who served in the position since January. Zaheer brings experience from his tenure as finance director at Dreams and previous roles at Tesco and WHSmith.
The appointment coincides with the publication of Superdry’s financial results up to 27 April. A noticeable 22% decline in group revenue, now totalling £488.6 million, underscores the struggles within their wholesale and retail divisions. Despite this, the year saw a notable improvement in gross margin by 2.2 percentage points, climbing to 55%.
Superdry’s efforts in cost reduction have proven fruitful, achieving savings surpassing £40 million over the year. This success stems from adaptations in their channel strategies and price adjustments, despite markdowns to clear outdated stock.
Superdry has also effectively managed its inventory, reducing it from a peak of 18.9 million units in FY19 to 7.2 million units by the close of FY24. The company is now gearing up for a brighter future, setting revenue targets between £350 million and £400 million for FY25, with expectations of surpassing current gross margins.
Recent performance has been promising, with a strong start to the autumn/winter season, marked by increased sales in cold-weather apparel like padded jackets and knitwear. Superdry remains committed to its restructuring and turnaround strategies, focusing on its brand strengths and digital growth to ensure long-term profitability.
With an eye on the future, Superdry plans to introduce new product lines that resonate with consumers, highlighting attributes like quality, style, and sustainability. This approach aligns with their goal of a stable and growth-oriented business model.
Superdry’s strategic changes and leadership update signal a hopeful turn towards financial recovery.
