- Huw Hughes
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UK high street retailer Superdry has announced it will be pushing back
publication of its full-year results from the planned date of Thursday 4
July to Wednesday 10 July.
The news comes following a profit warning released by the company in
May. Perhaps unsurprisingly considering the turbulent year the retailer has
had, it announced full-year results would be below expectations following
poor third quarter sales. For the 13-week period to 27 April 2019, overall
revenue dropped by 4.5 percent to 187.8 million pounds, with the company
saying the weak results were due to a “poor wholesale and ecommerce
performance.”
The retailer said, however, that it will be making a non-cash onerous
lease and store impairment provision in its full-year results, which will
“benefit the underlying profit before tax in FY19 and subsequent years.”
The retailer said in a statement: “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.”
In April, Superdry founder Julian Dunkerton was voted back by
shareholders to head the company after leaving in March 2018. The vote,
which also saw Boohoo chairman Peter Williams being made chairman, resulted
in Superdry’s then-CEO Euan Sutherland, chairman Peter Bamford, chief
financial officer Ed Barker, and chairman of the remuneration committee
Penny Hughes all resigning from the company’s board.
Since returning, Dunkerton’s turnaround plan has already started to
materialise. In May, the company decided to stop selling childrenswear and pull out
of a footwear licensing deal with Pentland Group. Last month, Nick Gresham
was appointed as the company’s interim chief financial officer, marking the
first major hire since Dunkerton’s return.
Photo courtesy of Superdry, St David’s
