Superdry Sees Challenging Conditions Ahead After Sales Deteriorate; CFO to Step Down [MarketWatch]
SUPERDRY PLC UNSP/ADR (SEPGY)
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Source: MarketWatch
The British clothing brand on Friday said revenue for the six months ended Oct. 28 fell 23.5% to 219.8 million pounds ($279.3 million), with sales hurt by unseasonably warm weather and underperformance at its wholesale segment. Advertisement However, the group swung to a pretax profit of GBP3.3 million from a loss of GBP17.7 million the same period a year earlier due to the sale of intellectual property in the Asia and Pacific region. On an adjusted basis--which strips out exceptional and other one-off items--pretax loss widened to GBP25.3 million from GBP13.6 million, it said. Revenue for the 12 weeks ended Jan. 20 fell 14%, with milder weather and heavy discounting across the sector hurting Christmas sales. Superdry said it is making progress on its turnaround program as it focuses on improving efficiency, driving simplification, and establishing a target operating model. "We expect full year results to reflect the more challenging environment seen to-date," the company s
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