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(Alliance News) - Superdry PLC on Wednesday said online operations will not be enough to mitigate the damage caused to retail trading by Covid-19.
The fashion chain had been forecasting between GBP5 million and GBP6 million in sales per week between January 10 and the end of its current financial year on April 25.
So far, 78 stores have been affected by forced closures, accounting for the majority of its European estate which contributes around 40% of weekly sales. Stores in the US and UK remain largely open, but footfall has fallen an average 25% week-on-week.
The UK represents around half of Superdry's weekly sales and the US around 10%.
Cheltenham-based Superdry does not think its e-commerce business will be able to offset this decline. It also said cost savings implemented will likewise not be able to fully mitigate the impact of Covid-19 on bricks-and-mortar stores.
As of Wednesday, Superdry said it has GBP47 million of net cash. The firm is working with landlords and is taking action including securing rental relief, postponing capital expenditure, and changing future stock purchases.
Chief Executive Julian Dunkerton said: "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.
"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," Dunkerton added.
Shares were 15% lower on Wednesday morning in London at a price of 84.35 pence each.
By George Collard; georgecollard@alliancenews.com
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