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UK fashion brand Superdry to miss prior 2020 targets

Reuters - UK Focus
·1-min read

March 18 (Reuters) - British fashion brand Superdry said on Wednesday it would miss its 2020 targets due to the "unprecedented challenges" of the coronavirus outbreak, but had a strong capital position and was in talks with lenders about additional flexibility and liquidity.

The company said it would now not meet forecasts given in early January for 2020 and would not now give formal guidance for the year.

It said 78 stores were shut due to government-mandated closures in Europe, which accounts for 40% of its weekly sales forecasts, and that it was seeing sharp falls in U.S. and UK footfall. (Reporting by Muvija M in Bengaluru; editing by Patrick Graham)