StockMarketWire.com - Clothing retailer Superdry warned its would no longer meet its annual guidance, as the coronavirus lowers footfall in the UK and US and forces store closures in other countries.

The company also said it was talking to its lenders to provide 'additional flexibility and liquidity' to support it through an uncertain period.

Superdray said 78 stores across Europe were affected by government mandated closures.

That accounted for the majority of its European store estate, which contributed about 40% of weekly sales forecasts, previously expected at £5m-to-6m per week.

Although stores in the UK and US remained largely open, footfall had sunk by an average of 25% week-on-week.

Superdry said it had a strong financing position, with £47m net cash on its balance sheet, but was also cutting costs and postponing capital expenditure plans.

'Along with everyone else, Superdry is experiencing major disruption to our business operations and recovery as we seek to protect our staff and customers from COVID-19,' chief executive Julian Dunkerton said.

'We are taking mitigating action wherever we can but the situation is very fluid and uncertain, and we are working to put in place additional financing to secure our recovery.'

'We also welcome the measures announced by the Chancellor yesterday to support UK businesses.'

'The safety of our staff and customers remains our number one priority and we continue to take all appropriate action in line with local government advice.'

'Together, we're going to make our way through this unprecedented challenge, and I'm confident we can reset the brand and deliver on our transformation plans.'


At 9:11am: [LON:SDRY] Superdry Plc share price was -15.2p at 84.45p



Story provided by StockMarketWire.com