logo-loader

SuperGroup suffers following super-warm autumn

Last updated: 18:30 31 Oct 2014 AEDT, First published: 19:30 31 Oct 2014 AEDT

superdry

The warm autumn claimed its second victim of the week as SuperGroup (LON:SGP), owner of the Superdry fashion brand, sounded the earnings alarm.

On Wednesday Next (LON:NXT) blamed the weather for a downgrade to profits as it was left racks and shelves full of winter woollies and coats.

SuperGroup’s full-year profits are now expected to be in the range of £60-65mln, compared with analysts’ forecasts of up to £73mln.

It said retail sales fell 4.2% on an underlying basis in the three months to October 25.

"After a strong start to the quarter, September and October have both seen an exceptional period of warm weather across the UK and the rest of Europe which is expected to continue into November," the company told investors.

"This has resulted in a high degree of uncertainty around the future performance of the autumn/winter range, particularly outerwear... a significant part of the Superdry product mix."

The shares, down 28% in the last month, fell a further 8% in the early trade and were changing hands for 818p each. The company is valued at £656mln.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

6 hours, 17 minutes ago