Superdry PLC - Statement re : New financing facility and trading
This Announcement Contains Inside Information
New Financing Facility and Strong Cash Position
Trading update for 13 weeks to
This ABL Facility replaces the existing facility that the Company had in place, which was due to expire in
As at 6 August, we had
Q1 Trading update
Current trading in Q1 has been better than our initial expectations, however, disruption from Covid-19 continues to materially impact our performance year on year.
Total Group Revenue for the period is down 24.1% year on year, largely due to the impact of store closures as a result of Covid-19. Gradual reopening began at the start of FY21 and ~95% of our stores have now re-opened, with store revenue down 58.1% in Q1 versus FY20, equivalent to a 32.3% LFL decline. Our Wholesale partners, particularly franchisees, have suffered the same headwinds and challenges as our owned stores, down 31.0% year on year. We are pleased to see Ecommerce has continued to perform well, up 93.2% in Q1, normalising in recent weeks as stores re-open and we trade against the promotional stance in the comparative period last year.
FY20 full year results announcement
We anticipate that the Company's full year results for the 52 week period ending
"The actions we have taken to date have greatly strengthened our cash position, which together with our new ABL Facility, give us the flexibility to execute our current plans and to secure our recovery.
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."
For further information:
Adam Smith [email protected] +44 (0) 1242 586747
Notes to Editors
This announcement contains certain forward-looking statements with respect to the financial condition and operational results of
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for this announcement on behalf of
This information is provided by RNS, the news service of the
Quick facts: Superdry PLC
Market Cap: £147.81 m
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