Superdry delays full-year results following profit warning

UK high street retailer Superdry has announced it will be pushing back publication of its full-year results from the planned date of Thursday 4 July to Wednesday 10 July.

The news comes following a profit warning released by the company in May. Perhaps unsurprisingly considering the turbulent year the retailer has had, it announced full-year results would be below expectations following poor third quarter sales. For the 13-week period to 27 April 2019, overall revenue dropped by 4.5 percent to 187.8 million pounds, with the company saying the weak results were due to a “poor wholesale and ecommerce performance.”

The retailer said, however, that it will be making a non-cash onerous lease and store impairment provision in its full-year results, which will “benefit the underlying profit before tax in FY19 and subsequent years.” The retailer said in a statement: “As a consequence of the complexity of the work related to that provision, coupled with the recent management transition, Superdry has agreed with its auditors that it is appropriate to delay reporting its preliminary results for a short period to allow that work to be completed.”

In April, Superdry founder Julian Dunkerton was voted back by shareholders to head the company after leaving in March 2018. The vote, which also saw Boohoo chairman Peter Williams being made chairman, resulted in Superdry’s then-CEO Euan Sutherland, chairman Peter Bamford, chief financial officer Ed Barker, and chairman of the remuneration committee Penny Hughes all resigning from the company’s board.

Since returning, Dunkerton’s turnaround plan has already started to materialise. In May, the company decided to stop selling childrenswear and pull out of a footwear licensing deal with Pentland Group. Last month, Nick Gresham was appointed as the company’s interim chief financial officer, marking the first major hire since Dunkerton’s return.

Photo courtesy of Superdry, St David’s

 

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