Superdry sales tumble as retailer secures new bank loan financing
Superdry sales fell sharply in May, June and July this year the high street retailer has warned.
Revenues over the period dropped by 24% as stores remained closed due to coronavirus.
All parts of the business have been hit, including the wholesale arm where sales fell by 31%.
The only bright spot was online which posted a 93% increase in revenues.
The company also secured new bank loan facilities worth £70 million.
The asset backed lending facility replaces the existing facility that the company had in place, which was due to expire in January 2022.
Julian Dunkerton, chief executive officer, said: "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.
"Together, we are making our way through this unprecedented period, and I'm confident we can reset the brand and deliver on our transformation plans."
Analysts at broking firm Jefferies said: "In our view, the focus is now shifting back from survival and liquidity to the execution of the brand reset and transformation plans."
Read more
FTSE-100 to rise as mega takeover trend sees Twitter bids for TikTok
Rightmove and Hikma shares spike as Covid boosts business
BP has become the 49th FTSE company to cut its dividend
Business focus: FTSE 100 companies outline back to the office plans
