UPDATE 1-UK fashion brand Superdry warns on profit after poor Christmas [Reuters]
SUPERDRY PLC UNSP/ADR (SEPGY)
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Source: Reuters
UPDATE 1-UK fashion brand Superdry warns on profit after poor Christmas (Adds details) LONDON, Jan 10 (Reuters) - British fashion brand Superdry warned on its full-year profit on Friday after sales during the peak Christmas period fell short of its expectations due to weaker trading on older product. It said underlying pretax profit for the year to April would be in the range of zero to 10 million pounds. Analysts had forecast pretax profit of 40.5 million pounds, according to Refinitiv data, broadly in line with the previous year. Superdry’s revenue fell 15.8% in the 10 weeks to Jan. 4, it said, as sales of the brand’s sweatshirts, hoodies and jackets were hit by “unprecedented levels of promotion” by rivals and by subdued trading after Christmas. Co-founder Julian Dunkerton, who returned to lead the group after a boardroom coup in April, has reduced promotions in a bid to increase full-priced sales. He said Superdry halved the proportion of discounted sales over Christmas, benefitin
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