Superdry PLC (LON:SDRY) has said its online sales will not be enough to offset the losses made by walk-in stores as the coronavius pandemic knocks an already battered high street.
In an update, the hoodie designer dropped guidance for the full year after closing shops in a number of countries in line with local government advice.
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The majority of the group's European estate, which accounts for 40% of weekly sales, is no longer operative, it said.
In the UK and the US, which represent 50% and 10% respectively of weekly sales, stores are still open but footfall has slumped by 25% week on week as governments take measures to contain the virus.
The retailer, which has £47mln net cash as of Wednesday, said it is working with partners to minimise returns and cancellations risks, as well as discussing with landlords to negotiate rental relief.
The fashion firm added it is discussing with an existing lender to provide extra cash.
Analysts at Liberum said Superdry enjoys "relatively decent flexibility" thanks to its £47mln cash, a £70mln revolving credit facility and an overdraft facility of £20mln.
Shares slipped 15% to 84.7p on Wednesday morning.
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