Superdry delays release of annual results

Fashion retailer Superdry has delayed the release of its annual results following changes to its accounts related to store leases.

The company said on Thursday that results for the year to 27 April 2019 will now be published on the 10th of July rather than the 4th.

"In its pre-close trading statement on 9 May 2019, Superdry referred to the fact that it will be making a non-cash onerous lease and store impairment provision in its full year results, which will benefit underlying pre-tax profit in FY19 and subsequent years," it said.

"As a consequence of the complexity of the work related to that provision, coupled with the recent management transition, Superdry has agreed with its auditors that it is appropriate to delay reporting its preliminary results for a short period to allow that work to be completed."

The group said underlying pre-tax profit for 2019 is expected to be in line with the revised market expectations that have been published following the May profit warning, of between £41.3m and £48.6m.

Broker Peel Hunt, which rates the stock at 'hold', said: "Looking ahead, forecasts for 2020FY (profit before tax £57.3m) look a stretch against what is likely to be a ‘kitchen sinking’ exercise, especially as range change and control will take several seasons to achieve, in our view, leaving no reason to chase the shares ahead of the announcement."

At 0850 BST, the shares were down 0.8% at 473p.