Sunday 16 June 2019

Unseasonably warm weather sparks profit warning from Superdry clothing group

Superdry is known for winter jackets and coats (PA)
Superdry is known for winter jackets and coats (PA) Business Desk Business Desk

Superdry has warned its profits will be lower than expected this year after late spells of hot weather impacted sales of its winter clothing.

The clothing brand expects profits for the current financial year to be £10m lower after unseasonably warm weather across the UK, continental Europe and the USA reduced demand for its core products.

The company also announced that it would have to pay around £8m in additional foreign exchange costs due to under-performance of hedging mechanisms.

Shares in Superdry dropped more than 22pc in early trading.

Press Association

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