Superdry H1 revenues drop as lockdown weighs on footfall

Retailer Superdry said on Thursday that first-half revenues had fallen as Covid-19 lockdowns had led to a decreased level of foot traffic across its locations.

Superdry said total revenue fell 23.3% for the six months ended 24 October as Covid-19 disrupted the group's store and wholesale channels.

However, the FTSE 250-listed firm stated online activity had helped to partly mitigate its in-person woes, with e-commerce sales rising 49.8% year-on-year.

As a result of the increasing number of new Covid-19 cases across its markets, Superdry also stated it had been forced to temporarily close 122 across England, Wales, France, Belgium and Ireland, with 117 stores still open.

Superdry also highlighted that had a net cash balance of £22.2m as of 3 November, a marked turnaround from the net debt of £16.4m seen a year earlier, as well as access to recently refinanced and currently undrawn borrowing facilities.

Chief executive Julian Dunkerton said: "The external outlook is very uncertain. However, we have financial flexibility and are making good progress with our strategy and brand reset."

As of 0945 GMT, Superdry shares had slumped 7.05% at 154.30p.