British fashion group Superdry has warned that its 2018-19 profit could be as much as 17% below current expectations.
Superdry blamed a hit to sales from unseasonably hot weather and rising foreign exchange costs for the profit warning.
The firm said weak demand for autumn/winter product in the UK, continental Europe and the east coast of the US, combined with challenges facing some of the trading partners it supplies, would adversely impact 2018-19 profit by around £10m.
It also said foreign exchange hedging mechanisms had not provided the same degree of protection as expected. This would lead to around £8m in additional foreign exchange costs.
Before today's update analysts' average forecast for 2018-19 pretax profit was £109.5m, according to Refinitiv data, up from £97m made in 2017-18.
Superdry forecast "mid-single digit" global brand revenue growth for its first half period and "low to mid-single digit" statutory revenue growth.
Shares in the firm are down 47% so far this year.
