SuperGroup errors dent profits

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Superdry owner SuperGroup today admitted that the problems that triggered a 14.7 per cent fall in profits were mainly self-inflicted.

The group said it “should have done better” after a year blighted by an accountancy blunder and being caught out with stock shortages as it struggled to keep up with its rapid rate of expansion.

It opened 19 new stores in the UK and Ireland during the year, bringing the total to 79, but will slow its expansion this year as it seeks to grow “in a controlled and measured way”.

Underlying profits fell to £42.8m in the year to April 29 but the group denied its brand was in decline and recent trading had been broadly in-line with expectations despite being affected by the weather.