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Superdry PLC on Thursday said half-year group revenue was up despite ‘extremely challenging’ conditions, and said it secured a new three-year facility, expiring in December 2025.
The Cheltenham, England-based fashion brand said group revenue in the six months that ended October 29 was up 3.6% from a year earlier, driven by strong performance in its owned stores.
It said store revenue increased 14% as collections resonated well with customers, while e-commerce revenue was up 1.7% as traffic moved from online and back to stores. Jacket sales and its Autumn-Winter 2022 performance from third-party sites were also key drivers of growth.
Shares in Superdry were up 16% at 117.80 pence each before closing in London on Thursday.
Wholesale revenue was down 5.2%, meanwhile, which Superdry said followed low levels of dispatches in October. It expects this to partially reverse in the second half of its financial 2023.
‘It’s been well documented that conditions are extremely challenging which weren’t 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,’ said Founder & Chief Executive Officer Julian Dunkerton.
‘Our Autumn-Winter 2022 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 also announced it secured a new three-year facility of up to £80 million with specialist lender Bantry Bay Capital Ltd, which will expire in December 2025. This includes a £30 million term loan and has an extension option of one further year.
It will replace its existing asset-based lending facility of up to £70 million, which was due to expire at the end of January.
Superdry said the interest rate will be higher than its previous agreement of Sterling Overnight Index Average plus 7.5% on the drawn element, due to market conditions.
‘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,’ Dunkerton added.
Net debt was around £13 million on December 20, decreasing by over £25 million since October 1.
By Greg Rosenvinge, Alliance News reporter
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