Superdry PLC ploughs on with 72% stores closed after half-year losses
The clothier expects to remain net cash positive but the lost sales will weigh on full-year results
() said it can’t provide financial guidance for the year ahead due to uncertainty though losses ballooned four-fold in the half year.
As of January 9, the hoodie designer had 72% or 173 of its stores temporarily closed due to lockdowns.
READ: Superdry, Dixons Carphone offer valuable prospects in new year despite lockdown woes, says broker
The clothier said the fall in revenue will be partially offset by rent waivers and furlough support, while e-commerce growth is expected to slow down 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 27%, with stores and wholesale down 52% and 23% respectively, partially offset by e-commerce jumping 13%.
In the half-year to October 26, group revenue fell 23% to £282mln – with e-commerce surging 50% offsetting store sales down 45% – while the statutory loss before tax swell 350% to £19mln after £8mln of exceptional costs, mostly relating to unrealised mark to market losses on forward contracts.
Read More: Superdry PLC ploughs on with 72% stores closed after half-year losses