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

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.