Superdry owner Supergroup shares fall as profits drop

Supergroup

Last Updated at 01 Aug 2014, 11:36 ET *Chart shows local time Supergroup intraday chart
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Shares in Supergroup, owner of brands such as Superdry, have fallen after it revealed a fall in profits.

The retailer reported pre-tax profits of £13.9m for the six months to the end of October, down 32% from last year.

But it pointed to a rise in sales and underlying profits as evidence that its brands are still strong.

Supergroup is having a difficult year. Co-founder Theo Karpathios resigned in August, shortly after the group announced a 15% fall in annual profits.

It blamed poor accounting and management controls for the fall.

In April, Supergroup's shares fell 37% in a day after it issued its fourth profit warning in a year, which it blamed on a mathematical error in its accounting.

"Although the trading environment has remained challenging and volatile, the group's sales performance in the first half of the year has been encouraging," said chief executive Julian Dunkerton.

"During the last six months, there has been significant change in the group's management structure, as we commit to building a solid platform to support our future growth."

Sales at its shops in Britain rose 3.9% in the first half, excluding the effect of new store openings.

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