Strong shop sales help lift Superdry as it secures £80m refinancing
Superdry has revealed higher sales for the past six months driven by stronger trade in stores, as the fashion brand also secured an £80 million refinancing for the next three years.
The company told investors that group revenues lifted by 3.6% over the six months to 29 October, compared with the same period last year.
Shares in the company jumped higher on Thursday afternoon as shareholders welcomed the positive update.
It said the growth was driven by its stores, which posted a 14.4% year-on-year jump in revenues following the easing of pandemic restrictions.
The firm highlighted a strong performance for its latest range, with positive sales of its jackets and party dresses.
Julian Dunkerton, founder and CEO, added that he has been “encouraged” by sales since the end of October despite cost pressures on customers.
He said the company saw “record” jacket sales over Black Friday as sales of outerwear where buoyed by freezing temperatures in the UK.
Dunkerton said: “I’m pleased with the performance of the business over the half.
“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.”
The firm also confirmed it has agreed a new three-year loan facility worth up to £80 million.
Superdry said the refinancing, which it has agreed with lender Bantry Bay Capital, will replace a £70 million scheme due to end in January and in will include higher interest rates.
Shares in the company were 17.5% at higher at 118.9p.
Reports circulated earlier this month that Dunkerton was considering taking the company private via a private equity deal but no advisers or official action had been taken so far.