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Superdry drops full year guidance

Fashion retailer Superdry has dropped its guidance for the full year after facing“unprecedented challenges” due to the coronavirus outbreak. The company said the impact of the… View Article

FASHION

Superdry drops full year guidance

Fashion retailer Superdry has dropped its guidance for the full year after facing“unprecedented challenges” due to the coronavirus outbreak.

The company said the impact of the disruption means that it will not meet the guidance given in January when it also forecast that its store estate would generate between £5 million and £6 million in sales per week for the remainder of the financial year.

Superdry currently has 78 stores closed across Europe which contribute 40% of weekly sales forecasts.

The retailer said most stores in the UK and the US remain open, although their footfall has been declining on average by 25% week-on-week. These markets represent 50% and 10% of the company’s weekly sales forecasts respectively.

Superdry also said that it does not expect the decline in sales from its stores to be fully mitigated through its online channel.

Julian Dunkerton, Superdry chief executive, said: “We are taking mitigating action wherever we can but the situation is very fluid and uncertain, and we are working to put in place additional financing to secure our recovery.

“We also welcome the measures announced by the Chancellor yesterday to support UK businesses.

“The safety of our staff and customers remains our number one priority and we continue to take all appropriate action in line with local government advice. Together, we’re going to make our way through this unprecedented challenge, and I’m confident we can reset the brand and deliver on our transformation plans.”

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