Superdry’s Q1 is better than expected despite Covid impact

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Superdry Plc is positive about the first quarter results, according to a press release. Despite the significant impact of the corona crisis, the numbers came out better than expected. The company saw sales fall by 24.1 percent.

Superdry Plc attributes the decline largely to closed stores in the third quarter. The company’s e-commerce did get a significant boost during the quarter. The company recorded an increase of 92.3 percent compared to the first quarter of the previous fiscal year.

Currently, around 95 percent of all stores worldwide in the Superdry portfolio have been reopened. During the first quarter, sales at own stores were 58.1 percent lower. In wholesale, the company’s turnover was 31 percent lower, according to the report.

In addition to the first quarter figures, the company also announces that it has obtained a new financing facility thanks to a new loan from existing financiers of the company. The company reports that it already has a strong cash position, but with the new loan now has the necessary flexibility and liquidity to take further steps.

Picture: Superdry

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