Thursday 27 June 2019 8:51 am

Superdry delays results after issuing profit warning

Struggling retailer Superdry has delayed the publication of its full-year results after issuing a profit warning and undergoing recent management changes. 

The company’s results will be released on 10 July, six days later than originally planned due to the “complexity” of lease and store impairment charges in the accounts.

Read more: Superdry appoints interim finance chief after boardroom exodus

The high street store said profit before tax for the 52 weeks to 27 April this year is expected to between £41.3m to £48.6m, in line with analyst expectations

Last month Superdry warned that it would miss its original profit forecast of between £54.1m and £59.4m after issuing a separate £23m profit warning last October.

In a statement today Superdry said: “As a consequence of the complexity of the work related to that provision, coupled with the recent management transition, Superdry has agreed with its auditors that it is appropriate to delay reporting its preliminary results for a short period to allow that work to be completed.”

The delay comes after the company’s founder Julian Dunkerton was reappointed as chief executive in April following a boardroom battle.

After his reappointment, which sparked an exodus of board members, Dunkerton said he planned to “stabilise the situation”. 

Read more: Superdry warns on profit as Dunkerton vows to stablise retailer

Dunkerton said he had found “immediate opportunities” to boost efficiency and performance, including increasing the range of products sold online at no discount, adding more stock to flagship stores, cutting “unnecessary” advertising and introducing 500 new products.

However he added that the impact of the changes “will take time to come through in the numbers”.