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UK's Superdry raises liquidity with 70-mn lending facility
13 Aug '20
1 min read
Pic: Superdry
UK fashion retailer Superdry, which sells sweatshirts, hoodies and jackets adorned with Japanese text, raised its liquidity with a new £70-million ($92-million) lending facility to get it through the COVID-19 crisis. The company said its fiscal first quarter was materially impacted by the crisis, but the 24.1 per cent fall in group revenue was better than its initial expectations.
Superdry said the asset-backed lending facility was agreed with its existing lenders HSBC and BNP Paribas and runs till January 2023. As of August 6, Superdry had a net cash of £57.8 million on its balance sheet.
The company’s first-quarter store revenue fell by 58.1 per cent, while wholesale revenue was down by 31 per cent. However, e-commerce made up some of the shortfall with a revenue growth of 93.2 per cent, as per British media reports.
The group’s stores were closed during the lockdown but around 95 per cent have reopened.
Superdry said the asset-backed lending facility was agreed with its existing lenders HSBC and BNP Paribas and runs till January 2023. As of August 6, Superdry had a net cash of £57.8 million on its balance sheet.
The company’s first-quarter store revenue fell by 58.1 per cent, while wholesale revenue was down by 31 per cent. However, e-commerce made up some of the shortfall with a revenue growth of 93.2 per cent, as per British media reports.
The group’s stores were closed during the lockdown but around 95 per cent have reopened.
Fibre2Fashion News Desk (DS)
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