SuperDry PLC (LON:SDRY) shares fell on Thursday morning as the fashion retailer reported a decline in quarterly store sales, impacted by “snow disruption in key markets” although online sales jumped as shoppers remained stuck indoors.
In a pre-close trading statement, the FTSE 250-listed firm said its store sales fell by 6% to £86.1mln in the 16 weeks to 28 April 2018, compared to £91.6mln a year earlier, while online sales rose by 18.2% to £39.7mln from £33.6mln.
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The company said store-based revenues remained under pressure and were impacted by snow disruption in key markets and lower year-on-year average temperatures at the start of the Spring/Summer season.
The fashion retailer said overall group revenue rose by 12.4% to £254.2mln from £226.4mln in the fourth quarter, with full-year group revenue up 16% to £872.0mln from £752.0mln.
The firm added that it expects its current year pre-tax profit to be in the range of £96.5mln to £97.5mln “representing another year of double-digit profit growth.”
SuperDry said full-year statutory profit will be affected by a non-cash impairment charge of approximately £7.2mln in respect of the brand's last flagship store investment, in Berlin Kranzler, which was made in 2015.
Euan Sutherland, chief executive officer, said: “While the consumer environment remains challenging, we are confident that SuperDry's reputation for quality, design detail and strong value for money, underpinned by our continued investment in the business, leaves us well placed.”
He added: “We remain focused on the growth opportunities ahead and confident in the quality of sustainable earnings growth we can deliver over the long-term.”
In morning trading, SuperDry’s shares fell 11.5% to 1,372.0p.