Money: Superdry profits plunge 57% after tumultuous year for fashion chain - PressFrom - United Kingdom
  •   
  •   

MoneySuperdry profits plunge 57% after tumultuous year for fashion chain

04:35  11 july  2019
04:35  11 july  2019 Source:   uk.finance.yahoo.com

Office latest chain to step towards shop revamp

Office latest chain to step towards shop revamp Office latest chain to step towards shop revamp

After plunging almost 5% last Tuesday, crude has clawed back most of those losses as Britain’s seizure of a tanker carrying Iranian crude and the risk of retaliation by the Islamic Republic kept investors wary. Superdry profits plunge 57 % after tumultuous year for fashion chain .

The moves, which could hit tech giants Samsung Electronics and SK Hynix, among others, spotlight Japan's sway over a vital part of the global supply chain that the government is now using as a bargaining chip. Superdry profits plunge 57 % after tumultuous year for fashion chain .

Superdry profits plunge 57% after tumultuous year for fashion chain A flag for clothing retailer Superdry hangs outside the company's flagship branch on Regent Street in London, England, on July 7, 2019. Superdry will release its full-year results this Thursday, July 10, a week later than planned, after announcing their postponement in late June. Recent months have seen Superdry beset with problems, from poor sales performance to a boardroom walkout after founder Julian Dunkerton won a shareholder vote to rejoin the company, becoming interim CEO in April. The following month saw the chain issue its third profit warning in a year, adding to investor woes. (Photo by David Cliff/NurPhoto via Getty Images)

Beleaguered fashion chain Superdry (SDRY.L) announced on Wednesday that pre-tax profits fell by almost 57% to £41.9m in its most recent financial year, just three months after founder Julian Dunkerton won his six-month battle to rejoin the company.

Owner of high street shoe chain Office confirms talks with lenders

Owner of high street shoe chain Office confirms talks with lenders Truworths is seeking to restructure the footwear retailer’s debt.

Superdry shares plunged on Wednesday following a second profit warning in two months. Homebase: The DIY chain is closing at least 42 stores after completing a CVA organised by new Rent cuts were agreed on a further 57 locations. Jamie’s Italian: The chain closed six locations in

Superdry profits plunge 57 % after tumultuous year for fashion chain . I think this FTSE 100 stock yielding 4.9% could return 80% in the next two years . Fool.co.uk. McLaren Rolls Out a GT to Rival Porsche 911 and Aston Martin.

After tax, the company lost £85.4m, down from a profit of £65.3m in 2018, primarily due to £129.5m in lease and impairment charges.

The company, which had signalled that earnings would be below market expectations with three profit warnings in eight months, pointed to the “difficult trading landscape for most fashion retailers,” saying that “unseasonably warm weather” led to declining sales.

It also said that Superdry “may have been losing its appeal to its traditionally broad consumer base.”

Revenue, at £871.7m, was flat, but the poor sales and a £11m credit charge relating to the one-time lease and store impairment charges saw pre-tax profits slide from £97m to £41.9m, at the bottom range of analyst expectations.

Video: I'm the only option for Superdry, says co-founder (Sky)

Primark sales growth offsets slump in sugar profits at ABF

Primark sales growth offsets slump in sugar profits at ABF Primark sales growth offsets slump in sugar profits at ABF

Superdry plans to step up its transformation programme, which includes launching kidswear and licencing, after announing crumbling profits , down 49 As a result of the knock to profits , Superdry is set to accelerate its transformation plans. This includes an 18-month innovation and diversification

Superdry Plc warned that sales will fall in the coming months after profit plunged during a year of boardroom drama at the U.K. apparel chain . The company said it expects a “ year of reset” after three profit warnings during the latest 12 months. It expects the global retail market to remain highly

Same-store sales, a metric used to gauge the retailer’s underlying performance, declined by 10%.

The fashion chain also warned that revenue would decline slightly in 2020, pointing to “high competitive” retail markets, Brexit-related economic uncertainty, and what it described as “legacy issues” in the company.

The company’s chairman, Peter Williams, said that it had been “a year of considerable challenge and change for Superdry.”

Towards the end of 2018, co-founder Julian Dunkerton asked to rejoin the company after “frustration” with the fashion chain’s performance.

But he was unable to reach agreement with the board, and in March he called a vote of shareholders.

In April, they voted to appoint Dunkerton and Williams to the board, prompting the entire existing board to resign, including then-CEO Euan Sutherland.

Former M&S and New Look finance bosses join Superdry board

Former M&S and New Look finance bosses join Superdry board Former M&S and New Look finance bosses join Superdry board

Superdry shares plunged more than a third on Wednesday after the British fashion chain warned on profits for the second time in less than three months * Considering store closures, relocations, rent renegotiation. * Shares plunge to six year low (Adds details from conference call, analysts, shares

London — Superdry shares plunged more than a third on Wednesday after the British fashion chain warned on profits for the second time in less than three months, blaming unusually warm weather for hitting sales of winter jackets and jerseys. The company, which has been striving to reduce its reliance

Gallery: 15 companies facing a make-or-break 2019 (Love Money)

The following month, the company issued its third profit warning in eight months, noting that it would miss market forecasts for profits of £54.1m to £59.4m for its year to 27 April.

Last week, the company was forced to delay the release of its annual results, citing the complexity of the impairment charges.

Williams said on Wednesday that he and Dunkerton were “stabilising the business and working hard together to reset Superdry's strategy”.

“Whilst there may be early wins, the turnaround to sustained profitable growth will take time,” he said.

Superdry profits plunge 57% after tumultuous year for fashion chain © Getty

Noting that the company was “fortunate” that Dunkerton agreed to take on the role of interim CEO, he said Superdry had completed “preliminary work” in scoping out a specification for the role of his permanent successor.

Dunkerton, Superdry’s largest shareholder, has not revealed how long he plans to continue as interim CEO.

He created the chain with designer James Holder in 2003, but gave the role of CEO to Sutherland in 2014, instead taking the position of “founder and product brand director”.

He left that role in March 2018 due to disagreement with Sutherland’s overhaul of the business, which is now being blamed for the collapse in sales and series of profit warnings.

MSN are empowering Women In Sport this summer. Find out more about our campaign and the charity fighting to promote the transformational and lifelong rewards of exercise for women and girls in the UK here.

Mortgage price war set to put Santander profits under pressure.
The Spanish-owned lender saw first quarter profits fall 35% amid competition in the mortgage market.

—   Share news in the SOC. Networks
usr: 1
This is interesting!