- Retailer Superdry announced underlying pre-tax profit fell 98.4% to £200,000 in the 26 weeks ended 26 October 2019, from £12.9m in the same period a year earlier as the business addresses 'a number of legacy issues'.

It reported a revenue decline of 11% to £369.1m in the 26 weeks to 26 October 2019, following a ‘moderate’ decline in retail sales during the first half.

Superdry chief executive Julian Dunkerton said: 'At this halfway point in our financial year, I am pleased with the progress we have made to comprehensively reset Superdry. We're doing this through our product and brand, our physical and digital retail operations and a renewed focus on the retailing basics.

'We are only eight months into a process that will take two to three years, but I have great confidence in the strength of our new executive leadership team.'

Dunkerton said he remained 'cautious about the challenging market conditions over the peak trading period'.

He has received the board’s backing to remain in the CEO role on a permanent basis until April 2021.

At 9:18am: [LON:SDRY] Superdry Plc share price was -23.8p at 476.2p

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