Superdry issues another profit warning
Fashion chain Superdry has issued another profits warning, just weeks after founder Julian Dunkerton returned to the retailer.
The company said full-year pre-tax profits would be lower than analysts’ expectations, partly due to weak wholesale and online sales.
Full-year sales were flat, but were down 4.5% in the final three months.
Mr Dunkerton’s return, after a very public dispute, sparked the resignation of eight members of the firm’s board.
The latest alert from Superdry follows profit warnings from the company in October and December last year.
Mr Dunkerton had criticised the retailer for following a “misguided strategy” since he left the firm in 2016, and last month, shareholders narrowly voted him back on to the company’s board.
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In a statement, Superdry said that since Mr Dunkerton’s return as interim chief executive he had “already identified immediate opportunities to improve the efficiency and performance of the business, and taken action to implement these opportunities”.
Mr Dunkerton said his first priority had been to “stabilise the situation”.
“All of us in the business are putting all our energy into getting the product ranges right and improving the ecommerce proposition, which are two important steps towards addressing Superdry’s recent weak performance.
“The impact of the changes we are making will take time to come through in the numbers but I’m confident we are heading in the right direction.”
Click here to read more (Source: BBC News)