// Superdry confirms it has secured an awaited refinancing facility with Bantry Bay Capital to help it repay its debts that are due early next year.
// CEO Dunkerton said the retailer had traded well since the end of October with a return to cold weather and “record levels of jacket sales over the Black Friday period”.
Superdry has posted higher sales for the past six months driven by stronger trade in-stores, and also secured an £80m refinancing deal for the next three years.
Back in October, the fashion retailer warned of “tough times ahead” due to soaring inflation and said there was a “material uncertainty” over the future of its business with a £70m loan facility set to expire in January.
It said it had agreed a new loan including a £30m three-year deal with specialist lender Bantry Bay Capital, a firm backed by the hedge fund Elliott Advisers, but admitted it had to pay a much higher interest rate than on its £70m facility, which was set to expire in late January “given market conditions”.
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Shares in the company jumped more than 15% on the news, and in a half-year trading update for the six months to the end of October, the company told investors its revenues had risen by 3.6%, compared with the same period last year.
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 retailer highlighted a strong performance for its latest range, with positive sales of its jackets and party dresses.
Founder and chief executive Julian Dunkerton, said he has been “encouraged” by sales since the end of October, despite cost pressures on customers.
He said the retailer saw “record” jacket sales over Black Friday as sales of outerwear were buoyed by freezing temperatures in the UK.
He added: “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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