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By
Reuters
Published
Dec 11, 2014
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Superdry owner's profit hit by warm autumn

By
Reuters
Published
Dec 11, 2014

LONDON, United Kingdom - SuperGroup, the owner of clothing brand Superdry, posted a 30 percent fall in first-half profit, a period when its summer ranges received a mixed reaction from shoppers and a warm autumn hurt sales of winter items.

The British group reported underlying pretax profit of 12.5 million pounds ($19.6 million) for the six months to Oct. 25, down from 17.9 million a year earlier, on revenue up 8.4 percent to 208.2 million pounds. Like-for-like sales fell 4.1 percent.


It stuck to its outlook given on Oct. 31 of full-year profit between 60 million and 65 million pounds, when it said demand for its winter jackets, one of its biggest categories, had evaporated in an unseasonably warm September and October.

"The update shows a tough half for us, with I think fairly well documented external weather impacts hitting us, especially with the mix of products that we have," Chief Executive Euan Sutherland told reporters on Thursday.

He said the group, which competes with brands such as Abercrombie and Fitch and Jack Wills, was "a little heavy" on stock, but it would not change a discounting policy that favours targeted promotions over clearance sales.

Shares in SuperGroup, which had lost more than half their value since hitting a three-year high of 1,746 pence in March, fell as much as 9 percent in early deals on Thursday. They were trading down 2.4 percent at 810 pence at 0843 GMT.

Analyst Freddie George at Cantor Fitzgerald said the interim results came in below his expectations, but was encouraged the company reiterated its previous profit guidance.

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