Superdry to cut discounts after new profits warning

Deirdre Hipwell Superdry’s founder says he’s cutting discounts and taking other steps to turn around the fashion chain after a profit warning that followed his return to lead the company.

Superdry’s founder says he’s cutting discounts and taking other steps to turn around the fashion chain after a profit warning that followed his return to lead the company.

The shares bounced back from an early plunge in London after the retailer warned that its full-year underlying pretax profit would be below market expectations of £54m (€62.6m) to £59m (€68.5m) because of weaker e-commerce and wholesale sales. They later traded 3.5% higher.