Fashion chain Superdry has said its full-year profits could be zero after reporting weaker than expected trading over the crucial Christmas period.
“Despite a strong Black Friday event, peak trading performance has been lower than expected as we continue our strategic transition to a full price stance,” the retailer said.
“Over this period the high street has seen unprecedented levels of promotional activity coupled with subdued consumer demand immediately after Christmas.
“These factors, combined with shortages of some better-selling product, driven by the need to reduce our inherited inventory position, adversely impacted our sales during peak trading.”
The firm added: “Taking into account our revised sales expectations for the balance of the financial year, and the challenging trading environment in which we are operating, we now expect underlying PBT [profit before tax] to be in the range of £nil – 10m.”