31st Oct 2014 07:51
LONDON (Alliance News) - SuperGroup PLC downgraded its full-year profit guidance on Friday after the group echoed the concerns aired by other retailers, such as Next PLC, that the continued warm weather in both September and October in the UK and Europe draws a veil of uncertainty over its autumn/winter ranges.
The FTSE 250 retailer said it would downgrade its full-year profit guidance to between GBP60 million and GBP65 million, down from the previous guidance of GBP67.1 million to GBP70.3 million.
It said that while the majority of its full-year profit comes in the second half of the year, the level of discounting in the clothing sector and the uncertainty caused by the unseasonably warm weather conditions in key markets meant it would have to cut its guidance.
For the second quarter to October 25, the company said its revenue increased 4.5% to GBP122.3 million, up from GBP117 million last year. Retail revenue was up 11.4% to GBP71 million in the period, from GBP63.8 million last year, but Wholesale revenue declined in the quarter, falling 3.7% to GBP51.3 million from GBP53.3 million a year earlier.
SuperGroup said that as it moves into its peak third quarter trading period, its stores are well prepared and its growth strategy remains on track and unchanged by the short-term external events impacting its operations.
By Sam Unsted; [email protected]; @SamUAtAlliance
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