Superdry shares plummet as it fires a warning shot across the bows of UK retail
A challenging consumer retail market and abnormally mild autumn has been behind the profit warning of UK main market listed retailer Superdry.
It says that there has been a delayed uptake of its autumn winter 2023 collection which has resulted in full-year retail revenue down 13.1% and wholesale down 41.1% YoY, which was, to some extent, expected due to the decision to exit its US wholesale operation, but was also driven by timing differences and the underperformance of the channel. FY profitability expected to be impacted with a further update next scheduled at its interim results in January.
(AI Video Summary)
Superdry share price plummets over lower 2023 profits warning
Popular UK clothing retailer Superdry has issued a warning that its profits for the full year are expected to be lower due to weak consumer demand and a lackluster autumn season. This news has caused the company's stock price to plummet, hitting an all-time low of 34.1 pence, down from its record high of £21. The company's troubles can be partly attributed to slow sales of its autumn and winter 2023 collection, resulting in a 13.1% drop in revenue from its retail stores and a staggering 41% decline in its wholesale business. Exiting the US wholesale market has also contributed to the company's overall decline. Concerns have been expressed by financial analysts about the future prospects of Superdry's stock. More updates on the company's financial performance will be provided in January, during their interim results.
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