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Total Group revenue Gross margin Underlying¹ loss before tax Exceptional and other items excluded from underlying results ● Superdry Plc ( " Superdry " or " the Company " ) 19 January 2021 Interim results for the 26 - week period to 24 October 2020 Statutory loss before tax Underlying¹ basic loss per share Statutory basic loss per share Proposed interim ordinary dividend per share Net cash / ( debt ) ¹ position THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION Brand reset journey continues ; robust balance sheet despite Covid - 19 disruption 26 weeks ended 24 26 weeks ended 26 October 2019 October 2020 ● ● ● Operational Highlights £ 282.7m 51.7 % £ ( 10.6 ) m £ ( 8.3 ) m £ ( 18.9 ) m ( 10.5 ) p ( 18.8 ) p 0.0p £ 34.1m Financial Overview ( H1 ) Revenue decline of 23.4 % reflects Covid - 19 effects , with 23 % of owned store trading days² lost due to lockdown restrictions and the continued impact of social distancing on footfall even when open . Ecommerce performance , up 49.8 % year on year , partially offset lost Store sales ( down 44.8 % ) as consumers moved online , accounting for 50 % of Retail revenue ( 1H20 : 27 % ) . Gross margin decline of 460bps , predominantly due to increased online promotional activity to clear excess inventory . £ 369.1m 56.3 % £ ( 2.3 ) m £ ( 1.9 ) m £ ( 4.2 ) m ( 5.7 ) p ( 7.9 ) p 2.0p £ ( 9.3 ) m Change ( 23.4 ) % ( 460 ) bps 360.9 % 336.8 % 350.0 % 84.2 % 138.0 % ( 100.0 ) % 466.7 % Underlying loss before tax of £ ( 10.6 ) m driven by trading disruption , net of cost saving actions ( £ 13.5m ) and government support ( £ 12.3m ) , and is after the impact of reduced depreciation arising from prior impairments and the utilisation of the onerous lease provision ( net £ 31.6m benefit ) . Statutory loss before tax of £ ( 18.9 ) m after £ ( 8.3 ) m of exceptional costs , predominantly relating to unrealised mark to market losses on forward contracts . No interim dividend is proposed given the continuing uncertainty and financial performance . Liquidity remains strong , with closing net cash position of £ 34.1m , £ 43.4m better than 1H20 , reflecting continued focus on managing cash and costs tightly , driven by rent deferrals and the significant , sustainable reduction in our inventory levels ( down £ 26.5m , 13.7 % year on year ) . As at 9 January net cash is £ 54.8m , and our refinanced ABL facility undrawn . Net cash remained positive throughout 2020 . Continued momentum with the brand reset , with the Autumn / Winter 20 ( " AW20 " ) range fully launched across all channels , with key marketing campaigns driving record levels of engagement . Sustainability increasingly embedded , with 38 % of AW20 revenues from organic cotton , recyclable and low - impact material product , and 100 % of AW20 padded outerwear jackets using recycled materials . Key new brand partnership agreed with Neymar Jr , who leads our portfolio of global influencers . Strengthened executive management team with Julian Dunkerton appointed permanent Chief Executive Officer , supported by the appointment of Silvana Bonello as Chief Operating Officer and Justin Lodge as Chief Marketing Officer . 1