Superdry's Turnaround Plan Should Transform Profitability, Cash Flow
0705 GMT - Superdry's postpandemic reshaping plan should deliver sustainable and high profits from next year, says Liberum in a note after the British clothing brand withdrew its profit guidance for fiscal 2023 and said it is considering an equity issue for up to 20% of its share capital. "A potential fund raise to shore up the balance sheet, the receipt of monies from the sale of the Asia Pacific [intellectual property] and benefits that will quickly flow from the turnaround plan sees the shape of profitability and cash flow transform over the forecast period," say analysts, pointing to the double-digit Ebitda margin target. Liberum rates the stock buy but cuts its target price to 250 pence from 500 pence. (elena.vardon@wsj.com)
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Superdry Withdraws FY 2023 Profit Guidance; Considers Equity Capital Raise -- Update
Superdry PLC on Friday withdrew its profit guidance for fiscal 2023, citing the challenging environment and after experiencing slower-than-expected retail sales, and said it is considering an equity issue to strengthen its balance sheet.
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
04-14-23 0328ET
