Superdry’s stock dropped 16.5% as the company lowered its forecast and reported £17.7m in losses.

Superdry’s shares dropped 16.5% this morning after the company revised its full-year guidance and reported significant losses.

Superdry now expects to break even for the year, instead of a previously projected profit of between £10m and £20m.

The losses for the first half of the 2023 financial year were £17.7m, which is a significant decrease of £21.7m compared to the £4m profit recorded in the same period the previous year. The company’s adjusted loss before tax also widened, rising from £2.8m in 2022 to £13.6m a year later.

The company attributed the losses to a 5.2% decline in wholesale levels, which was blamed on a lagged post-pandemic recovery. Despite this, CEO and founder Julian Dunkerton highlighted that stores grew 14.3% to £117.7m as customers returned to the high street with an increased demand for womenswear, denim, and jackets. He also stated that the company had a strong holiday period, with stores back to 2019 levels and revenue up 25%. Despite this, Interactive Investor’s head of investment Victoria Scholar noted that the downgrade reflects the pressure facing UK consumers with sky-high inflation and the economy on the brink of a recession.

London cyber crime Previous post Policy Monitor joins Cyber Resilience Centre for London as Founding Member of its Cyber Essentials Partner Scheme
Next post Scott Bairstow appointed Head of Aerospace Business Development at Unipart Logistics