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12 July 2012 10:14
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Superdry owner SuperGroup today admitted that a 14.7% fall in profits were "largely self inflicted" after a major accountancy blunder and stock shortages.The group said it "should have done better" after profits came in "considerably" short of expectations in the year to April 29th. In April, the company saw over £170 million wiped off its value after it admitted that it would miss annual profit forecasts by about £7.5m because of mistakes in its wholesale business, apparently generated after a plus sign was accidentally entered in accounts, instead of a minus sign. It opened 19 new stores in the UK and Ireland during the year, bringing the total to 79, but will slow its expansion this year as it seeks to grow "in a controlled and measured way".
