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| 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 have not bought extra winter layers this year. | |
| It now expects annual profits of between £55m and £70m - analysts had been expecting around £84m. | 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. | 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. | 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. | "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. | 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. | 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. | Mr Sutherland said the firm's "over-reliance" on jackets and sweatshirts was partly to blame for flagging sales. |
| He will oversee an efficiency drive which will include reviewing the number and size of their stores, and exploring renegotiating rents between now and March 2019. | |
| Superdry's shares fell by 20% on Wednesday morning. |