Superdry sees boost in sales as £80m loan secured
Fashion retailer Superdry has announced a period of strong sales in the first half of the 2023 financial year.
In the 26 week period leading to October 29, the group saw a year-on-year increase in revenue of 3.6%, which the retailer said is due to strong in-store performance.
Store revenue saw a boost of 14.4% while ecommerce revenue increased by 1.7%, resulting in a total retail revenue rise of 9.6%.
However, wholesale revenue produced a decrease of 5.2%, which the group believes will see a partial reverse in the second half of the financial year, following a period of low dispatches in October.
The retailer has also secured an £80m loan facility for three years, expiring in December 2025.
The group said that as of the 20th of December, the company had circa £13m of net debt, a decrease of £25m from the 1st of October.
Superdry has also appointed new auditors in RSM UK.
Julian Dunkerton, founder and chief executive officer of Superdry, 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.”