British fashion retailer Superdry shores up finances with 70 mln stg facility
LONDON, Aug 10 (Reuters) - British fashion retailer Superdry SDRY.Lhas agreed a new 70 million pounds ($91.5 million) lending facility to help get it through the coronavirus crisis and traded ahead of its expectations in the latest quarter, it said on Monday.
The group, whose share price has plunged 77% so far this year as its stores were shuttered due to the pandemic, said the asset backed lending facility was agreed with its existing lenders HSBC HSBA.L and BNPP and runs to January 2023.
As at August 6, Superdry had net cash of 57.8 million pounds on its balance sheet.
"The actions we have taken to date have greatly strengthened our cash position, which together with our new ABL Facility, give us the flexibility to execute our current plans and to secure our recovery," said co-founder and CEO Julian Dunkerton who retook control of the group in April last year.
The retailer, which sells sweatshirts, hoodies and jackets adorned with Japanese text, said that while trading in the 13 weeks to July 25, its fiscal first quarter, was materially impacted by the crisis, the 24.1% fall in group revenue was better than its initial expectations.
Some 95% of Superdry's stores have now reopened.
First quarter store revenue fell 58.1%, while wholesale revenue was down 31%. E-commerce made up some of the shortfall with revenue growth of 93.2%.
($1 = 0.7652 pounds)
(Reporting by James Davey, editing by Louise Heavens and Kate Holton)
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