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Superdry Q4 Group Revenues Down, Ecommerce Up; Cancels Dividend; Stock Up

UK branded clothing company Superdry plc (SDRY.L,SEPGF.PK,SEPGY.PK) reported lower group revenues in the fourth quarter, but higher Ecommerce revenues. Further, in light of the current situation, the Board has decided not to recommend paying a final dividend in relation to fiscal 2020. Superdry shares were gaining around 9 percent in the morning trading in London.

For the fourth quarter, group revenues declined 36.9 percent to 118.5 million pounds from last year's 187.8 million pounds.

Store revenue fell 57 percent to 29.6 million pounds and Wholesale revenue dropped 35.8 percent to 57.6 million pounds.

Meanwhile, Ecommerce revenue grew 6.8 percent to 31.3 million euros.

The company said its fourth-quarter performance was substantially impacted by the outbreak of Covid-19, with all owned stores and the majority of franchise locations closed from late-March.

In the fourth quarter, pre-Covid-19 group revenue for the weeks 40 to 45 was down 1 percent, while revenue plunged 70 percent for the weeks 46 to 52, after the covid-19 outbreak.

The company said Ecommerce revenues nearly doubled in the last 4 weeks to approximately 3.7 million pounds per week compared to the average prior to complete lockdown, offsetting approximately one third of the lost store sales.

Group revenue for fiscal 2020 was down 19.1 percent year on year.

The company, which withdrew its fiscal 2020 outlook earlier, now confirmed that it will delay the announcement of its fiscal 2020 results, originally planned for July 9, by 5-8 weeks.

Regarding its stores, the company said it began a controlled re-opening of stores in Germany, Sweden and Denmark on April 24. As of May 6, 48 stores have re-opened across Europe, with 130 expected by the end of May.

In London, Superdry shares were trading at 129.20 pence, up 9.31 percent.

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