Superdry issues profit warning
Superdry has issued a warning that its profits will come in lower than market expectations which it is blaming on disappointing wholesale and eCommerce performance in the last quarter of the year ended April 27th. eCommerce revenues had dropped by 3.9 per cent and wholesale was down by 9.3 per cent. Store based sales had also fallen by 3.7 per cent year on year.
Founder and interim CEO Julian Dunkerton has pledged to bring about improvement.
"My first priority has been to stabilise the situation, and 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," said Dunkerton, adding "The impact of the changes we are making will take time to come through in numbers but I'm confident we are heading in the right direction."
The business will release its full year results in July.