SuperGroup shares plunge after shock profit warning

Fashion retailer SuperGroup has warned that its profits will be dented by between £6m and £9m after problems revamping a key warehouse.

The company, which has the Superdry brand, said that some stock had not been hitting the shelves because of the glitch.

Shares in the firm plunged by around 25 per cent after the announcement.

SuperGroup said in a statement: "The business encountered some short-term issues in the transition which has caused a significant, temporary reduction both in the amount of stock and range of sizes reaching its UK stores.

"We estimate that the total cost of this isolated event, including the additional temporary warehousing capability and resulting lost sales during the period, will impact the current year's profitability by between £6-9m."

The company said that the problem had now been corrected.