{"id":165851,"date":"2020-03-18T10:46:00","date_gmt":"2020-03-18T10:46:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/superdry-to-miss-targets-after-coronavirus-hits-sales\/"},"modified":"2021-08-06T12:05:02","modified_gmt":"2021-08-06T12:05:02","slug":"superdry-to-miss-targets-after-coronavirus-hits-sales","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/superdry-to-miss-targets-after-coronavirus-hits-sales\/","title":{"rendered":"Superdry to miss targets after coronavirus hits sales"},"content":{"rendered":"\n<p>Superdry reports that it <strong>does not expect its online sales to offset losses<\/strong>, predicting it will <strong>miss its 2020 targets due to the \u201cunprecedented challenges\u201d of coronavirus<\/strong>.<\/p>\n<p>The lifestyle fashion brand said it would <strong>no longer meet forecasts given in January for 2020<\/strong> and would now not give formal guidance for the year.<\/p>\n<p>The fashion outlet said that a majority of its continental stores have been forced to close, representing around 40% of its weekly sales. <strong>Stores in the UK, which account for 50% of sales, and the US, have seen footfall reduce by a quarter<\/strong> despite keeping their doors open as usual.<\/p>\n<p>Chief Executive Julian Dunkerton said in a statement: \"Along with everyone else, Superdry is experiencing major disruption to our business operations and recovery as we seek to protect our staff and customers from Covid-19.<\/p>\n<p>\"We are taking mitigating action wherever we can but the situation is very fluid and uncertain, and <strong>we are working to put in place additional financing to secure our recovery<\/strong>.\"<\/p>\n<p>The company said it has \u00a347 million of cash on its balance sheets and is in discussion with its banks to \u201cprovide additional flexibility and liquidity\u201d should it be needed.<\/p>\n<p>On Tuesday Chancellor Rishi Sunak promised to unleash a \u00a3350 billion package to help save UK businesses, slash business rates and hand out grants to pubs and retailers.<\/p>\n<p>On Wednesday, Dunkerton added: \"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. <strong>I\u2019m confident we can reset the brand and deliver on our transformation plans.\"<\/strong><\/p>\n<p>In December, Superdry revealed it encountered a <a href=\"https:\/\/www.theindustry.fashion\/superdry-swings-to-half-year-loss-of-4-2m-in-year-of-reset\/\">\u00a34.2m loss in its first half-year results<\/a> after Dunkerton returned to the company.<\/p>\n<p>Read all of our COVID-19-related updates in our\u00a0<a href=\"https:\/\/www.theindustry.fashion\/newsinsight\/covid-19\/\">dedicated content hub here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":131015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[16042,10585,6,10494],"tags":[19265,5202,5707,11222,10561,12268,19212,16011,10812],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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