Superdry faces sales drop and a boardroom row

Superdry has blamed “unseasonably warm weather” for a dip in third quarter sales as the troubled retailer continues to struggle amid a boardroom bust-up.
By The Newsroom
Published 7th Feb 2019, 15:30 BST
Updated 11th Feb 2019, 09:54 BST
Lacklustre figuresLacklustre figures
Lacklustre figures

The fashion chain saw group revenue fall 1.5% to £269.3 million in the 13 weeks to January 26, with store sales tumbling 8.5% and online dropping 0.7%.

Superdry also pointed to “ongoing legacy product issues” in explaining the decline.

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Chief executive Euan Sutherland said: “Superdry’s performance has remained subdued during quarter three.

“We continued to be impacted by the ongoing product mix and relevance issues we have previously highlighted and by the lack, until the end of quarter three and the start of quarter four, of any prolonged period of cold weather in our key markets.”

The lacklustre figures follow a December profit warning that knocked the firm’s shares.

It is also setting out on a transformation plan that aims to slash £50m of costs by 2022, increase product diversification and “evolve the brand”.

But the group is also grappling with a boardroom bust-up between the current management and co-founder Julian Dunkerton, who is trying to stage a comeback at the company.