This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/business-46535682
The article has changed 7 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Superdry warns worse to come as profits plunge | Superdry warns worse to come as profits plunge |
| (35 minutes later) | |
| Superdry, best known for its coats and hoodies, has warned of weaker than expected profits, saying customers haven't bought extra winter layers this year. | |
| It now expects annual profits of between £55m and £70m - analysts had been expecting around £84m. | |
| Superdry blamed warm weather, consumer uncertainty and a lack of innovation. | |
| The company is considering closing stores as part of a cost cutting drive to save £50m by 2022. | |
| "Superdry had a difficult first half, impacted by unseasonably warm weather across our major markets, a consumer economy that is increasingly discount driven and the issues we are addressing in product mix and range," said Euan Sutherland, Superdry's chief executive officer. | |
| Underlying profit before tax almost halved in the first half of the year, to £12.9m. | |
| The retailer is a third of the way through an 18-month strategy to re-energise the brand which includes introducing childrenswear and 100% organic cotton products. | |
| Mr Sutherland said the firm's "over-reliance" on jackets and sweatshirts was partly to blame for flagging sales. |