22.12.2022 15:30:28
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Superdry plc: Half-year Pre-close Trading Statement
Superdry plc (SDRY)
SuperdryPlc (Superdry or the Company) 22 December 2022 Pre-close Trading Statement Trading update covering the 26-week period (H1 23) to 29 October 2022
Positive start to Autumn/Winter 2022 (AW22) season New financing facility agreed, and auditors appointed
Julian Dunkerton, Founder and Chief Executive Officer, said: Im pleased with the performance of the business over the half. Its been well documented that conditions are extremely challenging which werent helped by the unseasonably warm weather in October and into November. However, by combining great product with affordable prices, we managed to grow sales in the first half. Our AW22 collection has been really well received by customers, especially our jacket range and party dresses, and its 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.
That said we are under no illusions that consumer confidence is fragile and that the picture is unlikely to change quickly. 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.
Financing Facility Superdry is pleased to announce that it has agreed a loan facility of up to £80m, including a £30m term loan, for three years with an option to extend for one further year, with specialist lender Bantry Bay Capital Limited1. This will replace the existing up to £70m Asset Based Lending Facility which was due to expire at the end of January 2023. Given market conditions, the interest rate will be higher than our previous agreement at SONIA2 + 7.5% on the drawn element. The revised facility is operationally less complex to manage and covenant light, giving us the necessary flexibility to navigate the current challenging macro-economic environment and continue to focus on driving our brand strategy forward.
Notes
For further information: Superdry:
Media enquiries
Notes to Editors Our mission is To be the #1 sustainable style destination through our distinct collections, defined by consumer style choices. We design affordable, premium quality clothing, accessories and footwear which are sold around the world. We have a clear strategy for delivering continued growth via a multi-channel approach combining Stores, Ecommerce, and Wholesale.
Superdry has 219 physical stores and around 450 franchisees and licensees. We operate in over 50 countries and have over 4,100 colleagues globally.
Cautionary Statement This announcement contains certain forward-looking statements with respect to the financial condition and operational results of Superdry Plc. These statements and forecasts involve risk, uncertainty, and assumptions because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Except as required by law, Superdry Plc has no obligation to update the forward-looking statements or to correct any inaccuracies therein.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
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ISIN: | GB00B60BD277 |
Category Code: | TST |
TIDM: | SDRY |
LEI Code: | 213800GAQMT2WL7BW361 |
Sequence No.: | 210797 |
EQS News ID: | 1520373 |
End of Announcement | EQS News Service |
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