Profit warning for Superdry
By Sarah Wood | 19th December 2023
Superdry has warned that profits for the current year will be down, after trading was significantly below management expectations.
The Cheltenham-based fashion group reported that retail sales for the 26 weeks to October 28 fell by13.1%.
It said both retail and ecommerce sales were impacted by the warmer autumn weather, as well as a later start to its end-of-season summer sale.
Ecommerce sales were also hit by Superdry's profit-focused reduction in spend on digital marketing.
There has been a small turnaround in sales in the weeks since the end of October. The more seasonal weather in the UK and Europe, along with Superdry's longstanding strength in outerwear, has boosted sales.
But like-for-like sales in the six weeks since the half-year are still down around 7%.
Julian Dunkerton, founder and chief executive officer, said: "The unseasonal weather through the early autumn led to a delayed uptake of our Autumn/Winter range and this impacted sales in the first half of the year. Whilst we have seen modest signs of improvement through the recent spell of colder weather, current trading has remained challenging, and this is reflected in the weaker than expected business performance."
Related Articles
Copyright 2024 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.