Superdry PLC (LON:SDRY) rose on Thursday after announcing it has re-opened 48 sites across Europe as of Wednesday, with 130 expected to be open by the end of May.
It owns 245 stores across the UK and mainland Europe with a further 497 franchised and licensed stores and 26 concessions.
READ: Superdry says it does not expect online sales to offset store losses as coronavirus bites
The retailer, which had shuttered all its shops in Europe, the US and UK by 22 March, saw net cash dropping to £39.8mln from £47mln in the seven weeks to 5 May.
Online revenues nearly doubled in the last month to £3.7mln per week but only offset one-third of the lost store sales.
The faux-Japanese designer has furloughed 88% of its workforce, cut directors’ pay by 25% and suspended bonuses, which together will save £4mln monthly.
The stock intake was rescheduled, reducing the number of units of future buys by 20% and capital expenditure is now £7mln lower than pre-pandemic.
Agreed rent and tax deferrals amount to £3mln and £5mln respectively.
In the year to 26 April, group revenue dropped 19%, as Superdry moved towards a full price trading stance and away from persistent discounting.
Revenue in the fourth quarter tanked 37% amid the coronavirus crisis.
"Alongside aims to increase the number of products sold online, and repopulating flagship stores with greater densities of stock, one of the main goals of Dunkerton’s transformation plan was to become less reliant on promotions, with a return to full price sales," commented Pippa Stephens, analyst at GlobalData.
"As several fashion retailers have already been discounting new season stock to entice spending, Superdry is likely to feel pressured to change its approach throughout the pandemic, but must ensure that this does not risk causing greater damage to its brand perception."
Shares shot up 9% to 129.02p on Thursday morning.
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