Superdry is the latest big-name brand to be hit with high street woes
PUBLISHED: 08:41 15 October 2018 | UPDATED: 10:16 15 October 2018
Clothing brand Superdry has warned that its full year performance will be impacted by the warm weather this summer, as well as additional foreign exchange costs.
The brand has seen a fall in profits of £10m due to the weather, as well as an additional £8m in additional foreign exchange costs.
The company has stores in Norwich’s Chapelfield, and in Colchester.
Superdry, which is known chiefly for its coats and jackets, makes around 45% of its annual sales from autumn/winter products.
Shares in the company dropped 22% in early morning trading.
The company anticipates investing £5m in accelerating growth, particularly in digital, during the second half.
It is also five months into an 18-month product diversification programme, which it says will balance out its reliance on winter sales with a bigger range of clothing items.
The group also pointed to the turbulent retail environment, noting “well-publicised challenges” faced by some of its trading partners.
The collapse of House of Fraser in August left Superdry out of pocket by an estimated £236,000.