UK's Superdry flags hit to annual profit on weak trading conditions (updated)
19/12/2023 07:53
(Adds company trading context in paragraph 3, CEO comment in
paragraph 4)
Dec 19 (Reuters) - UK fashion retailer Superdry SDRY.L
on Tuesday warned of a hit to annual profit as sales were
"significantly below" management's expectations due to weak
demand for its jackets and hoodies.
Superdry said unseasonal weather through the early autumn
had led to a delayed uptake of its autumn/winter range, hurting
sales in the six months ended Oct. 28.
The company has also been grappling with weak orders
from wholesale partners, which have been cautious on stock
levels and liquidity amid economic uncertainties.
"Whilst we have seen modest signs of improvement through
the recent spell of colder weather, current trading has remained
challenging," founder and CEO Julian Dunkerton said in a
half-yearly trading statement.
The FTSE small cap .FTSC firm said sales in the six
weeks since the half-year were down about 7% on a like-for-like
basis.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Janane Venkatraman and Anil D'Silva)
((abyjose.koilparambil@thomsonreuters.com))