Superdry has reported a statutory pre-tax loss of £85.4m for the year to 27 April 2019, compared with a £65.3m profit in 2017/18.
Its full-year results, which had been due to be reported on 4 July, but were delayed because of the “complexity” of a store review and management changes, showed underlying profit before tax plummeted 56.8% to £41.9m from £97m year on year.
Group revenue for the year was flat at £871.7m.
Superdry co-founder Julian Dunkerton was reinstated to the board as interim CEO earlier this year with plans to “strengthen” the business and create a “solid platform for long-term profitable growth”.
The company said it has been hit by the “difficult” retail climate and uncertainty of Brexit, but is taking its first steps to “revitalise” Superdry.
Dunkerton said: “The issues will not be resolved overnight. My first priority has been to steady the ship and get the culture of the business back.
“Although we are only three months in, our initiatives are gaining some early traction and I am confident we are doing the right things to ensure that over time Superdry will return to strong profitable growth.”
Chairman Peter Williams added: “These are clearly a very disappointing set of results.
“While we have been clear it is going to take time, I remain convinced that we are building the right plan to deliver long-term sustainable growth for shareholders.”
Looking ahead, Superdry said it is viewing the 2019/20 financial year as a “year of reset”: “We expect our financial performance to reflect market conditions … [and] group revenue to show a slight decline, particularly in the first half, as we rebalance promotional activity and strengthen the brand.”
Last week Superdry announced two appointments to its board. Former Marks & Spencer chief financial officer Helen Weir will take the role of senior independent director on 11 July, when former New Look chief financial officer Alastair Miller will become chair of the audit committee.