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Superdry scales back profit forecast for the year

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The company behind the Superdry fashion chain has seen its shares fall 17% after it scaled back its profit forecast for the year.

Supergroup said that sales in January were disappointing and that profits for the financial year would be at the low end of its forecast.

Chief executive Julian Dunkerton said rival retailers had been making the deepest discounts he had ever seen.

The Cheltenham-based firm expects to make £50m to £54m for the full-year.

However, Mr Dunkerton is confident that profits will pick up.

"As the new product drops, normal service will resume," he said.

"In the next 12 months, we're going to see better margins from better sourcing and cotton prices coming down."

According to Mr Dunkerton, the brand continues to be supported by celebrities.

He said that Pippa Middleton was recently seen wearing a pair of Superdry jeans.