Supergroup issues new profit warning after maths error
Supergroup, owner of the Superdry fashion chain, has warned that full-year profits will be less than expected due to mathematical errors and rising costs.
Supergroup said in a statement to the London Stock Exchange: "The group expects profit before tax for the full year to be approximately £43 million.
"There have been arithmetic errors in our forecast of the wholesale business amounting to some £2.5 million."
It also highlighted an additional £2 million shortfall due to the timing of pull-down of stock over the year-end period by its franchise and wholesale customers.
The group said the mix of sales through its various channels had impacted margins. In addition, it said that increased operating costs and investment in the management team would impact profit by a further £2 million.
As retail sales were "in line with expectations", Supergroup said the reasons for the latest profit downgrade would have "a minimal impact" on projections for 2013. A further update will be issued on 10 May as planned, it said.
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