Brief: Superdry Posts HY Statutory Profit Before Tax Of 3.3 Mln Stg

Superdry

26/01/2024 07:23

Jan 26 (Reuters) - Superdry PLC  SDRY.L :
    * FY24 HALF YEAR RESULTS
    * IN LINE WITH DECEMBER TRADING STATEMENT, CHALLENGING H1,
BUT
STRONG PROGRESS ON COST AND INVENTORY REDUCTION PROGRAMMES
    * CONSUMER RETAIL MARKET REMAINS CHALLENGING AND
UNPREDICTABLE
    * HY STATUTORY PROFIT BEFORE TAX OF £3.3M (H1 23: £(17.7)M
LOSS)
    * SALES PERFORMANCE HAS NOT BEEN HELPED BY EXTREME WEATHER
EVENTS
OF SUMMER BEING FOLLOWED BY ONE OF WARMEST AUTUMN SEASONS
    * HY 24 INVENTORIES OF £130.9M, DOWN 24.2%
    * EXPECT FULL YEAR PROFITABILITY TO BE IMPACTED BY WEAKER
TRADING
WE HAVE SEEN TO-DATE
    * WE EXPECT FULL YEAR RESULTS TO REFLECT MORE CHALLENGING
ENVIRONMENT SEEN TO-DATE
    * CONTINUE TO FOCUS ON DELIVERY OF OUR COST EFFICIENCY
PROGRAMME
    * FOCUS ON FURTHER OPPORTUNITIES TO REDUCE FIXED COST BASE
OF
BUSINESS, WITH IN EXCESS OF £40M OF SAVINGS DUE TO BE REALISED
WITHIN YEAR
    * HY GROUP REVENUE DOWN 23.5% ON PRIOR YEAR TO 219.8 MILLION
STG
    * TOTAL OPERATING COSTS DOWN 16.1% WITH SIGNIFICANT
REDUCTIONS
ACROSS SELLING AND DISTRIBUTION AND CENTRAL COSTS
    * OUR COST SAVINGS PROGRAMME REMAINS ON TRACK AND OUR
INVENTORY
REDUCTION PROGRAMME IS PROGRESSING WELL
    * CHRISTMAS TRADING PROVED CHALLENGING
    * HY NET DEBT WAS £28.9M, MARGINALLY UP ON OUR CLOSING FY 23
FIGURE OF £25.6M
    * WE DO NOT EXPECT MARKET CONDITIONS TO GET ANY EASIER IN
NEAR-TERM
    * FOR 12-WEEK PERIOD TO 20 JANUARY GROUP REVENUE DOWN 13.7 %
    * UNTIL AND UNLESS KEY MITIGATIONS CAN BE ACTIONED WITH
CERTAINTY,
THERE EXISTS A MATERIAL UNCERTAINTY RELATED TO GOING CONCERN
    * UNTIL AND UNLESS KEY MITIGATIONS CAN BE ACTIONED WITH
CERTAINTY,
THERE EXISTS A MATERIAL UNCERTAINTY RELATED TO GOING CONCERN
    * WHOLESALE DOWN 38.0% IN 12 WEEKS SINCE HALF-YEAR
    * REASONABLE EXPECTATION GROUP HAS ADEQUATE RESOURCES TO
CONTINUE
IN OPERATIONAL EXISTENCE FOR FORESEEABLE FUTURE
    * REASONABLE EXPECTATION HAS ADEQUATE RESOURCES TO OPERATE
WITHIN
BORROWING FACILITIES, COVENANTS FOR PERIOD 12 MONTHS FROM DATE
OF SIGNATURE

Source text for Eikon:  ID:nEQ4KKQsra 
Further company coverage:  SDRY.L 

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