SuperGroup says high growth led to numbers error
20/04/2012
This news went down badly with financial analysts, especially when SuperGroup said one of the reasons for the discrepancy was a series of arithmetical mistakes it had made when calculating the performance of its wholesale division.
However, SuperGroup also said: “The wholesale business is multi-dimensional, experiencing high growth levels and, given our rapid expansion and lack of history, it is difficult to predict accurately. There is a shortfall in the current year of some £2 million due to the particular timing of pull-down of stock over the year-end period by franchise and wholesale customers. As this is largely a timing issue, the majority of these sales will fall into our 2013 result.”
SuperDry clothing includes weatherproof jackets, shorts, swimwear, T-shirts and hoodies.
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