Superdry reports a 1.5% decline in Christmas quarter.
Underlying profit before tax forecasts for the 2018-19 year was £58.4m down from £97m in 2017-18.
Superdry has reported that its group sales had declined by 1.5 per cent to £269.3 million in the Christmas period leading up to January 26, accusing its products of having issues and the lack of any extended period of cold weather in its key markets.
Its store sales went down by 8.5 per cent and online sales dropped by 0.7 per cent. The fashion retailer cut its full-year profit guidance in December and has said it had traded in line with market expectations within the period.
It said that prior to its update the consensus of analysts’ underlying profit before tax forecasts for the 2018-19 year was £58.4 million down from £97 million in 2017-18.
“Superdry’s performance has remained subdued during quarter three,” Superdry chief executive Euan Sutherland said.
“We continued to be impacted by the ongoing product mix and relevance issues we have previously highlighted, and by the lack, until the end of quarter three and the start of quarter four, of any prolonged period of cold weather in our key markets.
“We are pleased with the early progress being made with our transformation programme, designed to reset the business and deliver a return to higher levels of growth and profitability.”
