The value of the British textile company Superdry It continues its decline this Wednesday on the London Stock Exchange after it fell by more than half – 55% – in the previous day.
At midday this Wednesday, the company had lost around 20%, about 2.5 pence (about 0.03 euros), with a drop to 10 pence per share.
This decrease is added to the almost 16 pence drop on Tuesday, when the clothing brand’s shares went from trading from 28.8 pence (0.34 euros) to 12.92 pence (0.15 euros).
As Sergio Ávila, senior analyst at IG, pointed out to EFE, the fall “abrupt” in the stock price came after the founder and CEO of Superdry, Julian Dunkertonruled out a takeover bid for the company after months of deliberations.
The company is looking for options to obtain the necessary liquidity to facilitate the implementation of its recovery plan, which is why last Thursday it announced an agreement to extend and increase its secondary credit line with the company. Hilco Capital.
The British company reached its maximum price at the end of 2017, at which time its value exceeded 1,927 pence (about 22.5 euros), but since then the declines have continued, reaching the current record minimum figure.
It also suffered a drop reported by the media and analysts in mid-December 2023, at which time the company warned that it expected lower profits, something confirmed by the publication of its semi-annual results at the end of January, when it recorded a drop in turnover in 23.5%.
“This has clearly been a difficult period for Superdry”, said then the general director of the company, who assured that he expected part of this impact due to the departure of the clothing brand from the United States.
Even so, the founder of the British company, who pointed out the causes of this decline to “complex consumer retail market, macroeconomic uncertainty and atypical weather”, he expressed confidence that the company is taking the appropriate steps to recover the profitability of the business.
Source: Gestion
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