Superdry appoints new interim CFO

Zaheer joined Superdry earlier this month and was previously finance director at bed retailer Dreams from 2008 and 2023. He has also worked in senior finance roles at Tesco and WHSmith.

He replaced David, who had been interim CFO since January.

The appointment came as the company filed its financial results on Companies House for the year to 27 April.

Group revenue fell 22% to £488.6m, which the business said reflected the continued underperformance of its wholesale division and softer retail sales.

It delivered a loss before tax of £67.7m, compared with £148.1m in the previous year.

The company highlighted its cost reduction programme, with more than £40m of savings realised during the 12-month period.

Gross margin improved by 2.2 percentage points to 55%, driven by changing channel mix and price inflation, offset by markdown activity to clear aged stock. It added that inventories have continued to fall from a peak of 18.9m units at FY19, reaching 7.2m units at the end of FY24.

Looking ahead, the business is targeting revenue of between £350m and £400m for FY25 with a gross margin slightly ahead of current levels.

Since the period end, the company has seen “a great start to autumn/winter season” with positive like-for-like sales in cold-weather product such as padded jackets and knitwear. It added that performance for the six months to end of October reflected “a material improvement” on last year.

The retailer said in its Companies House filing: “Despite the challenging market conditions, we are focused on enacting our restructuring and turnaround plan, leveraging our brand strength and enhancing our digital presence to secure our long-term future and return the business to profitability.

“The restructuring efforts are designed to deliver a viable and sustainable future, whereby rightsizing the cost base provides a platform for future growth. From a product perspective, we will continue to seek to introduce new product lines that resonate with consumers, and which emphasise quality, style, and sustainability.”