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SuperDry blow as price-cutting rivals dent sales

SuperGroup, the fashion retailer, disappointed investors yesterday by warning on lower profits again after it blamed fierce discounting by rivals for a sharp slowdown in underlying sales in January.

Its weaker UK retail sales sent shares in the owner of the Superdry and Cult clothing brands crashing 120.5p, or 18 per cent, to 579.5p, continuing its roller-coaster ride on the stock market since it floated at 500p in March 2010.

Julian Dunkerton, the chief executive, said: "It was the most heavy discounting among our fellow retailers I have ever seen."

Underlying UK retail sales grew 4.4 per cent over the 13 weeks to 29 January, compared with 9.3 per cent in December. It has revised down full-year, pre-tax profit guidance to £50m-£54.1m.