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Superdry, 20%. The fashion retailer said trading in the first quarter of financial 2021 has been better than initial management estimates. Superdry announced a new GBP70 million asset-backed lending facility, extending the company's debt term until January 2023. The new loan facility replaces the existing facility that the company had in place, which was due to expire in January 2022. Together with a strong net cash position, the new debt facility gives us the necessary flexibility and liquidity going forward, Superdry said. As of Thursday last week, the company had GBP57.8 million net cash on the balance sheet versus GBP39.8 million net cash as at May 7. For the 13 weeks to July 25, Superdry saw a 24.1% year-on-year drop in group revenue, largely due to the impact of store closures as a result of Covid-19. Gradual reopening began at the start of financial 2021 and 95% of stores have now re-opened, with store revenue down 58.1% year-on-year in the first quarter. Like-for-like revenue fell 32.3% in the first quarter. The company's online operations, however, reported a solid performance with a 93.2% jump in quarterly revenue, normalising in recent weeks as stores re-open and as retailer trade against a promotions-led comparative period.

Superdry is pleased to announce that it has entered into a new financing facility that, together with our strong net cash position, gives us the necessary flexibility and liquidity going forward. We have agreed with our existing lenders, HSBC and BNPP, a new £70m Asset Backed Lending Facility ("ABL Facility"), extending the term until January 2023.

This ABL Facility replaces the existing facility that the Company had in place, which was due to expire in January 2022. The new facility is subject to a number of financial covenants and the borrowing base will vary throughout the year dependent on the level of the Company's eligible inventory and receivables.

As at 6 August, we had £57.8m net cash on the Balance Sheet (vs £39.8m net cash as reported on 7 May and vs £2.1m on 6 August 2019). This strong position is largely due to the significant and decisive management actions taken to preserve cash ahead of our working capital trough in October. Our total creditor position at the end of Q1 was up net £3.1m year on year, with the deferred payment of property related costs and taxes broadly offset by the delayed intake of stock into the business.

Q1 Trading update

Current trading in Q1 has been better than our initial expectations, however, disruption from Covid-19 continues to materially impact our performance year on year.

Total Group Revenue for the period is down 24.1% year on year, largely due to the impact of store closures as a result of Covid-19. Gradual reopening began at the start of FY21 and ~95% of our stores have now re-opened, with store revenue down 58.1% in Q1 versus FY20, equivalent to a 32.3% LFL decline. Our Wholesale partners, particularly franchisees, have suffered the same headwinds and challenges as our owned stores, down 31.0% year on year. We are pleased to see Ecommerce has continued to perform well, up 93.2% in Q1, normalising in recent weeks as stores re-open and we trade against the promotional stance in the comparative period last year.

FY20 full year results announcement

We anticipate that the Company's full year results for the 52 week period ending 25 April 2020 will be published in mid-September 2020. A further announcement will be made in due course.

Julian Dunkerton, Chief Executive Officer, said:

"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.

Together, we are making our way through this unprecedented period, and I'm confident we can reset the brand and deliver on our transformation plans."

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