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Supergroup cuts profit forecasts as warm weather strikes again

Supergroup has lowered its full year profit guidance to £60m-£65m as the warm autumn weather hits yet another retailer.

The company, which previously forecast profits of between £69m and £73m, blamed the “exceptional period of warm weather” in September and October for hitting the sales of outerwear.

In a trading update for the second quarter to October 25 SuperGroup reported that like for like retail sales were down 4.2%, while wholesale sales dropped by 3.7% to £51.3m as wholesale partners have been staggering deliveries of new season product.

Total Group sales were up 4.5% to £122.3m for the 13 weeks.

Earlier this week Next cut its full-year profit guidance by £25m after rising temperatures in September and October stunted sales of autumn stock.

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