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Superdry agrees to a €70 million lending facility

  

Superdry has agreed a new €70 million lending facility to help get it through the coronavirus crisis and traded ahead of its expectations in the latest quarter.

The group, whose share price has plunged 77 per cent 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 and BNPP and runs to January 2023.

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 per cent fall in group revenue was better than its initial expectations.

Around 95 per cent of Superdry's stores have now reopened. It first quarter store revenue fell by 58.1 per cent, while wholesale revenue was down 31 per cent. E-commerce made up some of the shortfall with revenue growth of 93.2 per cent.

 
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