Updated December 21st, 2023 at 10:07 IST
Superdry faces annual profit decline due to weak trading conditions
The FTSE small cap firm reported an approximately 7% decline in sales on a like-for-like basis for the six weeks following the half-year period.
UK fashion retailer Superdry issued a warning on Tuesday, citing a potential impact on its annual profit due to sales falling "significantly below" management's expectations.
The decline is attributed to subdued demand for the company's jackets and hoodies, influenced by unseasonal weather in the early autumn, which led to a delayed uptake of its autumn/winter range and impacted sales for the six months ending October 28.
Superdry is contending with additional challenges, including weak orders from wholesale partners who are exercising caution regarding stock levels and liquidity amid economic uncertainties.
Despite modest signs of improvement with the recent colder weather, the company's founder and CEO, Julian Dunkerton, acknowledged ongoing challenges in current trading conditions, as highlighted in the half-yearly trading statement.
The FTSE small cap firm reported an approximately 7 per cent decline in sales on a like-for-like basis for the six weeks following the half-year period.
(With Reuters Inputs)
Published December 19th, 2023 at 13:48 IST