Excuse For Audit Complexity And Management Change Superdry Delayed Earnings Announcement

The British clothing retailer Superdry PLC (SDRY.L) is extremely dry and postponed its annual report. It was originally scheduled for July 4th as the release date, and is now postponed to July 10th.

The extremely dry explanation delayed the release of the annual report. It said that in the May 9th profit warning, it was already responsible for the calculation of the cost and the management is being restructured and transitional due to the one-time lease and store value. Therefore, an agreement was reached with the auditors to release the annual results for the time being.

Extremely dry, there was a dispute over agency. Group founder co-founder and largest shareholder, Julian Dunkerton, returned to the company after the shareholders' meeting in early April, and retook the board while acting as interim CEO. Peter Bamford, Euan Sutherland, Ed Barker respectively resigned to the group chairman, CEO, CFO, and Peter also immediately resigned from the position of the chairman of the Remuneration Committee and the independent non-executive director. The senior independent non executive director and the other three non executive directors, the company and the company have resigned three months ahead of the contract requirements, and finally resigned in July 1st. The two stock brokerage firms of the group, UBS AG, UBS and Investec, also retired.

In the early April, Boohoo Group PLC (BOO.L), the non executive chairman of Peter, became the new chairman of the dryness. On Thursday, he announced the appointment of Helen Weir and Alastair Miller respectively as senior independent directors and chairman of the board of auditors. The appointment came into effect on July 11th.

According to the profit police in May 9th, extreme dry is expected to be up to 5410-5940 pounds in the 2019 fiscal year as of April 27th, which will be lower than the market forecast of 5410-5940 pounds, which means at least 44.2% less than the 97 million in the previous fiscal year, while the former management set a profit target of 5500-7000 pounds in December last year.

Subsequently, the investment bank issued a report to reduce the pre tax profit forecast of British companies in fiscal year 2019 to 4130-4860 pounds, with an average of 44 million 700 thousand pounds. Extreme drying also responds to market reaction and believes that the company is expected to meet the new market expectations.

After a 4.07% increase in stock prices on Friday, the closing price of 455.20 pence, which was extremely dry, dropped 80% from the 2102 pence recorded in 2018. This is also the reason why Julian Dunkerton announced its complete withdrawal from the company at the end of March last year, and no longer held any position for six months. In October 2018, it began to meet with the extreme dry meeting of the board of directors, seeking an important reason for returning to the company and coming back to power again.

Due to the expansion of products on the basis of core clothing such as logo's jacket and jacket, consumers' demand has not been raised. The annual income of the 2019 fiscal year is extremely dry, which is 871 million 700 thousand pounds, basically flat at 820 million pounds in fiscal year 2018. In the whole year, only store sales declined, revenue decreased by 3.7% to 373 million pounds, wholesale business and e-commerce increased by 3.6% and 1.6% to 335 million pounds and 163 million 700 thousand pounds respectively.