Good morning, it's Paul here with the SCVR for Monday.

Timings - after a leisurely start today, I'll be writing here until about 3pm. Sorry, I was too tired to write any more, after watching the Beeks Financial Cloud (LON:BKS) results webinar after lunch. See tomorrow's report for a catch-up session. Today's report is now finished.

Today's agenda

Superdry (LON:SDRY) - ridiculously late results, which have taken 5 months to be published. Covering the 52 weeks to 25 April 2020

Craneware (LON:CRW) - Final Results for FY 06/2020

Augean (LON:AUG) - Interim results to 30 June 2020 - see tomorrow's report

Finncap (LON:FCAP) - AGM trading update - see tomorrow's report

For general interest - initial report from the FRC on the collapse of Carillion.

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Superdry (LON:SDRY)

Share price: 137p (down 10% today)
No. shares: 82.0m
Market cap: £112.3m

Final Results

I've been itching to see some numbers from this fashion brand retail/wholesaler, and have been having a vigorous debate with a friend who is bullish on it, and me being bearish. My view is that SDRY was only trading around breakeven before covid struck, so with a lot of expensive flagship stores, it's probably been losing money hand over fist in recent months during the shutdown. Also, will its wholesale customers be willing or able to pay their invoices?

The founder, Julian Dunkerton, returned as CEO, in an attempt to restore the brand to previous glory, after a period of poor management by hired hands. It's interesting how brands often lose their way, once the founder exits, and no longer has that oversight of everything.

The statement today is headed;

Performance materially impacted by Covid-19 disruption. Cash and liquidity remain strong

Brand reset
continues with the launch of AW20 collection

The company has certainly been unlucky with timing. Not only is it having to deal with covid/lockdown, but also it's trying to "reset" its brand by focusing the product ranges (getting rid of things like kidswear which devalue the brand), and trying to re-establish full price sales instead of heavy discounting. Brand resets are very difficult to pull off successfully, because once a brand is damaged, it tends to remain damaged because the sparkle has gone, and the brand has become old…

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