27th Jun 2019 13:54
(Alliance News) - Superdry PLC on Thursday said it will delay the release of its 2019 financial results due to complexities arising from a impairment charges and recent changes to senior management.
Shares in Superdry were trading 0.8% lower at 471.40 pence each in London on Thursday afternoon.
The clothing retailer now intends to release its results for the 52 weeks ended April 27 on July 10, rather than on July 4 as previously indicated.
The company attributed the delay to complexities arising from a non-cash onerous lease and store impairment provision announced in May, which is expected to benefit underlying pretax profit for 2019 financial and subsequent years.
"As a consequence of the complexity of the work related to that provision, coupled with the recent management transition, Superdry has agreed with its auditors that it is appropriate to delay reporting its preliminary results for a short period to allow that work to be completed," the company said.
The majority of Superdry's senior executives, including Chief Executive Euan Sutherland and Chair Peter Bamford, resigned back in April after shareholders voted to appoint founder Julian Dunkerton to turnaround the business. Dunkerton currently serves as interim chief executive officer until the company finds a permanent chief executive.
Superdry expects its annual underlying pretax profit to be in line with the revised market range of GBP41.3 million to GBP48.6 million and an average of GBP44.7 million.
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