Su­perdry se­cures £70m bank loan as sales slide 32pc

The Daily Telegraph - Business - - Business - By Laura Onita

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.

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