Superdry reports steep sales drop after founder retakes helm

But retailer says profit margins are starting to recover after move away from discounting

Seven months after the founder of Superdry forced his way back into the fashion business it has reported a steep fall in sales but said its profit margins were starting to recover as it ended widespread discounting.

Sales tumbled by more than 11% in the first half of its financial year as Julian Dunkerton retook the helm and overhauled the retailer, which was running frequent promotions to increase sales. “We are moving the business away from a reliance on constant promotions, and while this focus on full price sales has affected revenue in the first half, this is being partially offset by a better gross margin performance,” he said.

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