SUPERDRY LOSES SHIRT
Shares in fashion brand Superdry slumped almost a third after it issued a profit warning yesterday.
It revealed a 49% dive in underlying profits to £12.9million for the 26 weeks to October 27.
Boss Euan Sutherland said the firm’s “over-reliance” on jackets and sweatshirts was partly to blame for flagging sales. The group will complete a review of its stores next spring and is considering closures, relocation, downsizing, or renegotiation of rents to cut costs.
It’s already a third of the way through an 18-month plan to re-energise the brand, which includes introducing childrenswear and 100% organic cotton products.