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)