UK fashion retailer Superdry has made the move to engage financial advisors to complete its turnaround after ‘adjusting’ its FY23 outlook to break even.
Despite posting strong Christmas trading results in January with retail revenue up 24.9%, Superdry is exercising caution over its FY23 outlook to broadly break even due to increasing uncertainty for Q4.
In a response to Just Style, Superdry said: “While the company has seen strong store and online trading and the brand continues to resonate with consumers, these are challenging market conditions for all brands in the fashion sector. We have engaged Interpath to advise us as we work to complete the turnaround of Superdry in today’s much changed retail environment, and ensure we have the right cost base and structure in place for future success.”
The UK fashion retailer eased speculations around the company going private last month. The announcement further mentioned that Dunkerton could make or participate in an offer for Superdry within the next six months following this, but with agreement of the company board.
Superdry also secured a GBP80m (US$96.5m) loan ahead of its expiry in January 2023, back in December. This loan replaced its past up to GBP70m Asset Based Lending Facility which was due to expire by the end of January 2023.