Words by Lead Business Editor.
This morning (Friday 20th April 2012) shares at UK fashion brand SuperGroup lost more than a third in value after the clothing retailer issued another profit warning.
According to reports by British Broadcaster the BBC, the company has blamed its fall in shares on an accounting error and misjudgement in forecasting demand for its goods.
A spokesperson for the firm said, “A number in the forecast was in with the wrong sign on it … There should have been a negative, there was a plus. That clearly makes quite a big swing.”
With pre-tax profits now expected for the year to 29 April to equate to GBP£43 million, this latest announcement reflects a further fall in the brand’s earnings.
This is the fourth profit warning the group has made within the space of year, when back in February it announced that it expected its year end results to be at the low end of its forecast of GBP£50-54 million. With the brand expected to announce its year end results next week, bosses I’m sure will be hoping that no further errors are found.
Image source: Superdry