UK retailer Superdry downbeat on recovery after weak Christmas (updated)
26/01/2024 07:46
(Recasts with Christmas sales, CEO comment, annual outlook)
Jan 26 (Reuters) - Britain's fashion retailer Superdry
SDRY.L said on Friday it does not expect market conditions to
improve in the near term after a tough Christmas season, and
added that Chief Financial Officer Shaun Wills will leave the
company by the end of March.
"A challenging consumer retail market, set against a
backdrop of macro-economic uncertainty and some remarkably
unseasonal weather conditions have all combined to weaken the
financial performance of the Group," CEO Julian Dunkerton said
in a statement.
The struggling fashion retailer, known for its jackets and
clothing inspired by American vintage styles and Japanese
graphics, reported a 13.7% drop in group sales for the 12-week
period ended Jan. 20.
The company reiterated its expectations for full-year
profitability to be dented by a weak trading environment.
Superdry named Giles David as its interim CFO, effective
Jan. 29.
The London-listed company recorded an adjusted loss before
tax for the six-month period ended Oct. 28 of 25.3 million
pounds ($32.1 million) from 13.6 million pounds last year.
($1 = 0.7879 pounds)
(Reporting by Anchal Rana and Prerna Bedi in Bengaluru; Editing
by Sherry Jacob-Phillips)
((Anchal.Rana@thomsonreuters.com; +91 9915609050;))