SuperGroup warns on profit, blaming “arithmetic errors”

SUPERGROUP, the company behind the Superdry fashion brand, warned on year profit again, this time blaming “arithmetic errors” and timing issues in its wholesale business as well as lower margins in its retail business.

By The Newsroom

Published 20th Apr 2012, 10:26 BST

The firm, whose clothes are a favourite of celebrities such as David Beckham, Leonardo DiCaprio and Zac Efron, said today it expected pre-tax profit of about £43m for the year to April 29.

In February the firm had forecast an outcome of about £50m.

SuperGroup said arithmetic errors in its forecast of the wholesale business amounted to £2.5m, while £2m of wholesale sales were now expected to be pushed into the 2012/13 year.

A further £2m shortfall was attributed to the mix of sales through its various retail channels impacting margins as well as an increase in operating costs.

The firm said retail sales were in line with expectations and the factors identified would have a minimal impact on projections for the 2012/13 year.

SuperGroup issued a profit warning last October. That one was blamed on the botched implementation of a warehouse IT system upgrade that left stores short of stock.

Leonardo DiCaprio David Beckham