* First quarter revenue down 24.1%
* Store sales down 58.1%, E-commerce sales up 93.2%
* Outcome better than retailer's initial expectations
* Secures 70 mln stg lending facility
* Shares up 15% at 0748 GMT
(Adds detail, analyst comment, shares)
LONDON, Aug 10 (Reuters) - British fashion retailer Superdry
traded ahead of expectations in the latest quarter and has
boosted its liquidity with a new 70 million pound ($92 million)
lending facility to get it through the Covid-19 crisis, sending
its shares higher.
The stock was up 15% at 0748 GMT, paring 2020 losses to 73%.
Superdry which sells sweatshirts, hoodies and
jackets adorned with Japanese text, said that while trading in
the 13 weeks to July 25, its fiscal first quarter, was
materially impacted by the crisis, the 24.1% fall in group
revenue was better than its initial expectations.
The group's stores were shuttered in the coronavirus
lockdown but some 95% have now reopened.
First-quarter store revenue fell 58.1%, while wholesale
revenue was down 31%. However, E-commerce made up some of the
shortfall with revenue growth of 93.2%.
"Trading in stores is much better than we had expected and
the growth delivered in E-commerce ... in Q1 is very much ahead
of the +7% in Q4," analysts at Liberum said.
Last month, bigger rival Next raised its profit
forecast after its quarterly sales fall was also less than
feared as Britain emerged from lockdown.
Superdry said the asset-backed lending facility was agreed
with its existing lenders HSBC and BNP Paribas
and runs to January 2023.
As at August 6, Superdry had net cash of 57.8 million pounds
on its balance sheet.
"The actions we have taken to date have greatly strengthened
our cash position, which together with our new ABL Facility,
give us the flexibility to execute our current plans and to
secure our recovery," said co-founder and CEO Julian Dunkerton
who retook control of the group in April last year.
($1 = 0.7652 pounds)
(Reporting by James Davey, editing by Louise Heavens/Kate
Holton/Jane Merriman)
HSBC Holdings (HSBA)
Next (NXT)