Superdry has issued a profit warning, after cautioning full-year profits would come in “lower than the current range of market expectations”.
The retailer blamed the profit warning on “poor wholesale and ecommerce performance in quarter four” and said that “actions to address this underperformance were under way”.
Superdry reported that its group revenue for the year was flat but had fallen by 4.5% in the fourth quarter overall.
For the 13 weeks to April 27, 2019, wholesale revenue plummeted 9.3%, despite being up 3.6% to £335m year on year. Superdry said the fourth-quarter tumble in wholesale revenue was due to “increased levels of returns, lower than anticipated in-season orders and decisions not to ship to customers that had reached their credit limits”.
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