Superdry has provided a snapshot of the impact of coronavirus on the high street by revealing that footfall in UK and US stores is down 25% week on week. The fashion retailer issued a warning that it will not meet sales forecasts.
It has been forced to close 78 shops across Europe under government orders but makes 50% of its sales in the UK and 10% in the US. It said today it was considering negotiating rent relief with shop landlords, changing its buying plans for future seasons' stock and postponing capital expenditure to save cash.
In January, Superdry had predicted sales of £5-6 million a week this year but today it said: "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."
It added that it did not expect the high street sales plunge to be fully compensated for by online sales.
