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Superdry swung to a profit in the first half of the year as lower revenue was offset by an improvement in margins as the fashion retailer increased prices .
For the 26-week period from 25 April 2021 to 23 October 2021, pre-tax profit was £4 million compared with a loss of £18.9 million last year, while revenue fell 1.9% year-on-year and 24.9% on a two-year basis.
The decline in revenue was blamed on continued impact of Covid-19 and the company's move to a full-price trading stance.
Still, the higher prices boosted margin gains and more than offset the decline in sales, the company said.
'In line with our full-price strategy, we have not held an end of season sale in our stores and, over the past 11-weeks, have seen a +4.1% gross margin improvement compared to two years ago,' the company said.
Looking ahead, the company said it expects to report 'further gross margin improvement, together with some price realignments in selected categories and markets.'
'Our performance over the peak trading period has given us confidence that we will achieve current market expectations for FY22 adjusted PBT.'