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Superdry owner issues fresh profit warning after it gets sums wrong | Superdry owner issues fresh profit warning after it gets sums wrong |
(about 3 hours later) | |
SuperGroup, the British company behind the Superdry fashion brand, has warned on full-year profits again, this time blaming "arithmetic errors" and timing issues in its wholesale business as well as lower margins in its retail business. | SuperGroup, the British company behind the Superdry fashion brand, has warned on full-year profits again, this time blaming "arithmetic errors" and timing issues in its wholesale business as well as lower margins in its retail business. |
The firm, whose clothes are a favourite of celebrities such as David Beckham, Leonardo DiCaprio and Zac Efron, said on Friday it expected pre-tax profit of about £43m for the year to 29 April. | The firm, whose clothes are a favourite of celebrities such as David Beckham, Leonardo DiCaprio and Zac Efron, said on Friday it expected pre-tax profit of about £43m for the year to 29 April. |
In February the firm had forecast an outcome of about £50m. | In February the firm had forecast an outcome of about £50m. |
Shares in SuperGroup plunged 33% to 385p in early trading. The group floated in 2010 at 500p and at one stage reached £18.98. | Shares in SuperGroup plunged 33% to 385p in early trading. The group floated in 2010 at 500p and at one stage reached £18.98. |
The company said arithmetical errors in its forecast for the wholesale business amounted to £2.5m, while £2m of wholesale sales were now expected to be pushed into the 2012-13 year. | |
A further £2m shortfall was attributed to the mix of sales through its various retail channels affecting margins as well as an increase in operating costs. | |
The firm said retail sales were in line with expectations and the factors identified would have a minimal impact on projections for the 2012-13 year. | |
SuperGroup issued a profit warning last October. That one was blamed on the botched implementation of a warehouse IT system upgrade that left stores short of stock. | SuperGroup issued a profit warning last October. That one was blamed on the botched implementation of a warehouse IT system upgrade that left stores short of stock. |
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