Shares of Superdry PLC (LON: SDRY) soared over 20% on Monday after the retailer secured a new £70 million financing deal with its banks. A new financial injection was much needed after Superdry reported its quarterly sales declined 32.3%.
“The actions we have taken to date have greatly strengthened our cash position, which, together with our new asset-backed lending facility, give us the flexibility to execute our current plans and to secure our recovery,” Superdry’s co-founder and chief executive Julian Dunkerton said.
The retailer saw its total store sales plunged 58.1% for the quarter ending July 25, while like-for-like sales fell 32.3%. These losses were partially offset by a 93.2% surge in online sales.
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“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,” added Dunkerton.
Around 95% of stores reopened after a problematic period that saw Superdry furlough 88% of its staff.
Superdry share price soared 20% to hit a 1-month high above 140p.
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