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Superdry ploughs on with 72% of stores closed after half-year losses increased by four-fold

The clothier expects to remain net cash positive but lost sales will weigh on full-year results

Superdry PLC - Superdry ploughs on with 72% stores closed after half-year losses swell four-fold

Superdry PLC (LON:SDRY) has said it cannot provide financial guidance for the year ahead due to uncertainty caused by the coronavirus (COVID-19) pandemic, as its losses ballooned four-fold in its half-year period.

As of January 9, 2021, the hoodie designer had 72% or 173 of its stores temporarily closed due to coronavirus lockdown restrictions.

READ: Superdry, Dixons Carphone offer valuable prospects in new year despite lockdown woes, says broker

The clothier said the fall in revenue as a result will be partially offset by rent waivers and furlough support, while e-commerce growth is expected to slow in the fourth quarter as it will apply fewer discounts compared to before Christmas.

The retailer expects to remain net cash positive thanks to cost savings, having £54mln in the bank as of January 9, and it also has £130mln of available liquidity at hand.

In the 11 weeks to January 9, group revenue tumbled by 27%, with stores and wholesale revenue down 52% and 23% respectively, partially offset by e-commerce jumping 13%.

In its half-year to October 26, 2020, group revenue fell by 23% to £282mln – with e-commerce surging 50% offsetting store sales down 45% – while the group's statutory loss before tax ballooned by 350% to £19mln after £8mln of exceptional costs, mostly relating to unrealised mark to market losses on forward contracts.

Shares slipped 11% to 212.43p on Tuesday morning.

--Adds shares--

Quick facts: Superdry PLC

Price: 238 GBX

Market: LSE
Market Cap: £195.25 m

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