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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 arithmetic errors in its forecast of the wholesale business amounted to £2.5m, while £2m of wholesale sales were now expected to be pushed into the 2012/13 year. 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 impacting margins as well as an increase in operating costs. 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. 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.