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Superdry quarterly revenue drops 25%; secures new lending agreement

By BFN News | 07:37 AM | Monday 10 August, 2020


Fashion retailer Superdry said its first-quarter revenue had slumped by almost a quarter, though it said the fall wasn't as deep as it had initially expected. The company also announced that it had entered into a new £70m financing facility with existing lenders HSBC and BNPP, extending the term until January 2023. Revenue for the 13 weeks to 25 July had dropped 24.1% on-year, largely due the impact of store closures during lockdowns. 'Current trading in the first quarter has been better than our initial expectations, however, disruption from Covid-19 continues to materially impact our performance year-on-year,' Superdry said. A gradual reopening began at the start of the 2021 financial year and about 95% of the company's stores had now re-opened. Store revenue down 58.1% in the first quarter, equivalent to a 32.3% like-for-like decline. E-commerce sale were up 93.2%, normalising in recent weeks as stores re-opened. 'The actions we have taken to date have greatly strengthened our cash position, which together with our new asset-backed lending facility, give us the flexibility to execute our current plans and to secure our recovery,' chief executive Julian Dunkerton said. 'Together, we are making our way through this unprecedented period, and I'm confident we can reset the brand and deliver on our transformation plans.' Story provided by StockMarketWire.com

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