Superdry secures £70m bank loan as sales slide 32pc
SUPERDRY has secured extra cash to help it weather the coronavirus storm after suffering a slump in sales.
The retailer has obtained an additional £70m from lenders HSBC and BNP Paribas to help it during the struggle out of lockdown.
Revenues for the three months to the end of July were almost a quarter lower than the year earlier following the temporary closure of all its stores.
However, chief executive and cofounder Julian Dunkerton struck an upbeat tone – saying he was confident about Superdry’s turnaround plans and that trading has beaten initial expectations since restrictions were lifted. Online orders increased by 93pc in the quarter.
Almost all of Superdry’s 670 shops are now open, but quarterly sales at stores open more than a year were down 32pc. Shares jumped by 22.1p to close at 140p, but are about a third of the price they were 12 months ago. Superdry’s full-year results have been delayed again until mid-September amid coronavirus uncertainty.