July 10, 2019 / 6:17 AM / 12 days ago

Britain's Superdry slumps to a loss after 130 million pound provision

LONDON, July 10 (Reuters) - Struggling British fashion group Superdry has slumped to a pretax loss after booking a 129.5 million pound ($161.3 million)charge for poorly performing stores.

The group, whose founder and biggest shareholder Julian Dunkerton won a bitter battle to rejoin the board in April, said on Wednesday it made a statutory pretax loss of 85.4 million pounds for the year to April 27 versus a profit of 65.3 million pounds in the 2017-18 year.

Superdry’s underlying pretax profit slumped 57% to 41.9 million pounds - at the bottom of the range of analysts’ forecasts that have been cut after a string of warnings. Group revenue was flat at 872 million pounds.

Superdry, whose shares have crashed 66% over the last year, cautioned: “The issues in the business will not be resolved overnight.” ($1 = 0.8030 pounds) (Reporting by James Davey; editing by Kate Holton)

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