British fashion chain Superdry blames warm weather as shares plunge on warning
London — Superdry shares plunged more than a third on Wednesday after the British fashion chain warned on profits for the second time in less than three months, blaming unusually warm weather for hitting sales of winter jackets and jerseys. The company, which has been striving to reduce its reliance on winter clothing, said it will look at closing or relocating stores and renegotiating rent to save at least £50m by 2022. The warning came as bigger rival Inditex also blamed an abnormally warm September in part for missing third-quarter profit forecasts. Superdry said a “difficult trading period” knocked £11m off profit in November and it expects to take another hit in December if trading conditions do not improve. It said its underlying profit before tax could almost halve to £55m-£70m in the year ending April 2019, compared with the £97m made in 2017/18. Liberum analysts said the market consensus prior to the latest warning was £87m.
Superdry shares were down 33.6% in early-mo...
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