Superdry secures loan as sales slump
The retailer has agreed a new £70m asset-backed loan with its existing loan companies, HSBC and BNP Paribas. This loan replaces the existing facility that the firm had in position, which was owing to expire in January 2022. The new time period will be extended right until January 2023.
On six August, Superdry had £57.8m web hard cash. This as opposed to £39.8m web hard cash as noted on seven May, and £2.1m on six August 2019.
Complete group profits was down 24.one% calendar year on calendar year for the thirteen weeks to 25 July, mainly owing to the impact of retailer closures as a consequence of Covid-19.
Store profits was down fifty eight.one% in the very same period of time, as opposed to 2019. Wholesale partners and franchisees endured the very same headwinds and challenges as Superdry’s owned shops, down 31% calendar year on calendar year. However, ecommerce product sales have been up ninety three.2% in the very same period of time as opposed to 2019.
The firm’s complete calendar year results for the fifty two-week period of time, ending 25 April 2020, will be published in mid-September.
Julian Dunkerton, Superdry CEO, stated: “The actions we have taken to day have enormously strengthened our hard cash posture, which collectively with our new asset-backed loan facility, give us the adaptability to execute our current programs and to protected our restoration.
“Together, we are earning our way by this unprecedented period of time, and I’m confident we can reset the brand and produce on our transformation programs.”
