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Gloucestershire Business News

Superdry supremo Julian Dunkerton confident Covid-19 disruption won't halt firm's turnaround plans

Julian Dunkerton has revealed that plans are being advanced to put additional finance in to Superdry to secure its turnaround despite the unprecedented challenges of Covid-19.

In a statement released ahead of Wednesday trading on the Stock Exchange the Cheltenham-based firm said that trading is "likely to be significantly impacted" by the events of the past week.

In a statement the firm said: "Superdry, along with all other companies in the countries in which we operate, is facing unprecedented challenges arising from COVID-19.

"The welfare of our staff and customers is our priority and we have been taking all appropriate action to mitigate the impact of COVID-19 in line with local government advice, including temporarily closing stores in a number of countries.

"As trading is likely to be significantly impacted by such measures, it has become clear that the Company will not meet the guidance given on 10 January 2020.

"Accordingly the Company is no longer giving formal guidance in relation to the financial year 2020."

The firm said that they were expected revenues of between £5-6million from their store estate per week and that those will clearly be hit by store closures in Europe or by social distancing elsewhere.

They said that while online sales remain open and largely unaffected and that certain cost saving measures are being implemented, those measures will not offset the sales decline.

The board are taking "sensible measures", the statement said to preserve cash and they are also in dialogue with existing lenders to provide additional flexibility and liquidity through the period of uncertainty

CEO Julian Dunkerton said: "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.

"We are taking mitigating action wherever we can but the situation is very fluid and uncertain, and we are working to put in place additional financing to secure our recovery.

"We also welcome the measures announced by the Chancellor yesterday to support UK businesses.

"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.

"Together, we're going to make our way through this unprecedented challenge, and I'm confident we can reset the brand and deliver on our transformation plans."

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