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Superdry announce an interim dividend of 2.0p per share, as expected

Investment Tools Ltd.
Superdry announce an interim dividend of 2.0p per share, as expected

Superdry announce today an interim dividend of 2.0 pence per share (1H19: 9.3 pence per share). The interim dividend will utilise an estimated £1.6m of shareholders' funds. The interim dividend will be paid on 24 January 2020 to shareholders on the register at the close of business on 20 December 2019. 

Other financial highlights include:

Revenue decline of 11.0% reflects an expected year of reset, as they are addressing a number of legacy issues across the business. Retail sales decline moderated through first half, with Q2 store revenue stronger than Q1 as key initiatives were implemented.

Focus on full price sales and reducing promotional activity drove a total underlying gross margin increase of 250bps, offset by 180bp foreign exchange headwind and stock accounting changes of 80bps.

Following an internal accounting review, they have booked charges in the period of £3.1m relating to accounting estimates for inventory and £6.9m in relation to debt recoverability. In addition a prior year, non-cash adjustment to stock of £3.9m has been recognised, reducing H219 profit.

Underlying profit before tax pre-IFRS of £0.2m includes the expected benefit of £15.9m from lower depreciation and utilisation of the onerous lease provision and impact of one-off charges.

Statutory profit before tax of £(4.2)m includes the first time adoption of IFRS16, reducing profit by £2.5m.

Net debt position of £9.3m at the end of October 2019 reflects a strong benefit from the control of stock, which reduced by £28.9m year on year, offset by a repayment of overdue creditors brought into the year.

Encouraging early start to Q3 peak trading with strongest online Black Friday day ever, but a substantial amount of peak trading period still to come.

Progress in strengthening and stabilising their leadership team, securing key executives on permanent contracts, and promoting talent from within.

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