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(Alliance News) - Shares in Superdry PLC fell sharply on Tuesday after reports the clothing retailer has enlisted one of the big four accountancy firms to advise on its finances in the wake of a pre-Christmas profit warning.
Sky News said Superdry, founded by Julian Dunkerton, has appointed PricewaterhouseCoopers to examine its debt-raising options.
https://news.sky.com/story/struggling-superdry-hires-pwc-to-review-debt-options-13049611
The move to bring in new City advisers has emerged just weeks after the fashion brand's shares sank to a record low after it blamed abnormally mild autumn weather for weak sales.
In December, the Cheltenham, Gloucestershire-headquartered clothing retailer, warned its profit for its current financial year ending at the end of April will suffer amid the "well-documented challenging trading environment".
It pointed to an "abnormally mild autumn" which resulted in a delayed uptake of its Autumn/Winter 23 collection.
Retail sales fell 13% year-on-year in the 26 weeks to October 28, as Wholesale sales plunged 41%, which it said was partly due to its US wholesale operation exit.
"Despite progress on strategic priorities and ongoing programme to recapitalise the balance sheet, the external environment has proven challenging and trading performance has been significantly below management expectations. Profits for the year are therefore expected to reflect this weaker trading seen to date," the firm warned.
Shares in Superdry slumped 15% to 24.90 pence in London on Tuesday afternoon. The shares had earlier hit an all-time low of 23.05p.
By Jeremy Cutler, Alliance News reporter
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