SuperGroup issues profit warning on mild weather

The revelation sent its shares plummeting 8.5%

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SuperGroup became the latest victim of the mild autumn weather on Friday, as new chief executive Euan Sutherland was forced to use his first public outing to issue a profit warning.

He said pre-tax profits at the fashion brand behind SuperDry will be about 12 per cent lower than expected at £60 million to £65 million instead of up to  £75 million, as shoppers shun its coats and outdoor ranges. The revelation sent its shares plummeting 8.5 per cent.

With thermometers hitting 21C today the retailer saw like-for-like sales in the  13 weeks to October 25 drop 4.2 per cent. The wholesale business also suffered as partners staggered delivery of coats and woollens, hitting sales by 3.7 per cent.

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However, Sutherland, who was appointed last week, said there were no plans to start early discounting to shift the extra stock. He said: “When the fish aren’t biting there’s no point handing further discounts to them.”