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UK Retailer Superdry Downbeat on Recovery after Weak Christmas

FILE PHOTO: A woman walks past a window display at a Superdry store in London, Britain, March 1, 2019. REUTERS/Toby Melville/File Photo
FILE PHOTO: A woman walks past a window display at a Superdry store in London, Britain, March 1, 2019. REUTERS/Toby Melville/File Photo
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UK Retailer Superdry Downbeat on Recovery after Weak Christmas

FILE PHOTO: A woman walks past a window display at a Superdry store in London, Britain, March 1, 2019. REUTERS/Toby Melville/File Photo
FILE PHOTO: A woman walks past a window display at a Superdry store in London, Britain, March 1, 2019. REUTERS/Toby Melville/File Photo

Britain's fashion retailer Superdry said on Friday it does not expect market conditions to improve in the near term after a tough Christmas season, and added that Chief Financial Officer Shaun Wills will leave the company by the end of March.
"A challenging consumer retail market, set against a backdrop of macro-economic uncertainty and some remarkably unseasonal weather conditions have all combined to weaken the financial performance of the Group," CEO Julian Dunkerton said in a statement.
The struggling fashion retailer, known for its jackets and clothing inspired by American vintage styles and Japanese graphics, reported a 13.7% drop in group sales for the 12-week period ended Jan. 20.
The company reiterated its expectations for full-year profitability to be dented by a weak trading environment.
Superdry named Giles David as its interim CFO, effective Jan. 29.
The London-listed company recorded an adjusted loss before tax for the six-month period ended Oct. 28 of 25.3 million pounds ($32.1 million) from 13.6 million pounds last year.

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Fashion

Hermes 2Q Sales Rise 13% on Continued Appetite for High-End Luxury

People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
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Hermes 2Q Sales Rise 13% on Continued Appetite for High-End Luxury

People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)

Birkin-bag maker Hermes reported a 13% rise in second-quarter sales on Thursday, demonstrating the continued appetite from wealthy shoppers for its luxury handbags, even as less affluent consumers pull back.

Sales at the French luxury group grew to 3.7 billion euros ($4.02 billion), a 13% organic sales rise that strips out currency fluctuations. The figure was in line with analyst expectations, according to a Visible Alpha consensus.

Operating profit for the first half was 3.1 billion euros, compared to a forecast from consensus provider Visible Alpha for 3.2 billion.

One of the most steady performers in the luxury goods sector -- even as economic conditions worsen -- the French group's results stand out after a string of disappointing earnings updates from peers which have raised investor concern about uncertain prospects for the sector in the coming months.

Hermes' famously classic designs and tight management of production and stock have helped reinforce the label's aura of exclusivity, and CEO Axel Dumas told reporters the company had seen "no big interruption in trends".

However, he said Hermes was seeing slightly less traffic with aspirational clients, which was impacting higher volume products like fashion accessories.