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Birmingham Post
Birmingham Post
Henry Saker-Clark, PA Deputy Business Editor & Andrew Arthur

Superdry secures £80m refinancing deal as cold weather boosts jacket sales

Fashion chain Superdry has revealed higher sales for the past six months driven by stronger trade in stores, as the fashion brand also secured an £80m refinancing deal with a US hedge fund for the next three years.

The Gloucestershire-headquartered clothing retailer had previously warned in October of "tough times ahead" due to inflation and said there was a “material uncertainty” over the future of its business with a £70m loan facility set to expire in January.

Superdry said on Thursday (December 22) the new loan facility agreed with Bantry Bay Capital, which is backed by US activist investor Elliott Advisors, would replace this scheme, with higher interest rates in place.

In a half-year trading update for the six months to the end of October, the company told investors its revenues lifted by 3.6%, compared with the same period last year. Shares in the company jumped higher on Thursday afternoon as shareholders welcomed the announcement.

Superdry said the growth was driven by its stores, which posted a 14.4% year-on-year jump in revenues following the easing of pandemic restrictions. The firm highlighted a strong performance for its latest range, with positive sales of its jackets and party dresses.

Founder and chief executive Julian Dunkerton, added that he has been “encouraged” by sales since the end of October, despite cost pressures on customers. He said the company saw “record” jacket sales over Black Friday as sales of outerwear were buoyed by freezing temperatures in the UK.

Mr Dunkerton said: “I’m pleased with the performance of the business over the half. It’s been well documented that conditions are extremely challenging which weren’t helped by the unseasonably warm weather in October and into November. However, by combining great product with affordable prices, we managed to grow sales in the first half.”

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