Superdry boosted by stronger store performance as it secures £80m loan facility
Superdry has posted a first half sales uplift after trade was boosted by stronger store sales and a good reaction from customers to its autumn/winter collections.
In the 26 weeks to 29 October, group revenue increased by 3.6% despite the unseasonably warm weather in October and into November.
While in-store sales rose by 14.4%, ecommerce sales edged up 1.7%.
However, wholesale revenue fell by 5.2% following low levels of dispatches in October which are expected to partially reverse in the retailer’s second half.
Julian Dunkerton, founder and chief executive of Superdry, said: “Our AW22 collection has been really well received by customers, especially our jacket range and party dresses, and it’s great to see store sales recovering well.
“I am also encouraged with how we have started the second half, which has seen our biggest ever week for ecommerce orders driven by a return to record levels of jacket sales over the Black Friday period and good momentum through the recent spell of colder weather.”
Superdry has also announced that it has secured an £80 million new loan facility with specialist lender Bantry Bay Capital. This will replace the retailer’s existing £70 million asset based lending facility that was due to expire at the end of January.
Dunkerton added: “We are very pleased to have completed our refinancing and this, combined with the continued strengthening of our brand and product, means the business is in good shape as we trade through our important Christmas trading period.”
