Superdry plunges after saying profit will miss by millions

Feeling the heat: A child climbing a wall outside a Superdry clothes store in Regent Street, London. The retailer expects a further hit of about 8mil because a currency hedging strategy did not provide the expected protection. — AFP

LONDON: Superdry Plc plunged after the UK apparel retailer said unseasonably hot weather would shave £10mil (US$13mil) off its 2019 profit.

As the summer’s heat continued into the autumn in Europe and the eastern US, demand for Superdry’s jackets and sweatshirts failed to materialise, the company said in a statement.