Superdry shares down as retailer appoints new CFO

Superdry shares (LON: SDRY) were down 7% on Monday as the group announced the appointment of Benedict Smith as Interim Chief Financial Officer.

Smith has 18 years of experience as CFO of a wide range of both quoted and privately owned businesses, most recently served as the Interim CFO at the Dennis Publishing Group.

His previous experience has been at businesses including Harrods, Hunter Boots, Game Digital and Spirit Group.

Smith will commence his role at Superdry from today.

Peter Williams, Chairman of the Board of Superdry, said: “I am delighted we have secured an Interim CFO with such extensive experience in senior finance roles in the retail sector. This is an important step in giving Superdry leadership and stability in a critical area of the business during an important time.”

In September, the group warned that the coronavirus pandemic would continue to affect its trading after profits dropped 210% in the year to April 25.

The retailer posted a pre-tax loss of £166.9m in the 52 weeks to 25 April.

“We remain cautious on the shape of the economic recovery, and the impact this may have on our ability to turnaround performance in line with our plan. Consequently, we recognise there is a material uncertainty, and are not providing formal guidance,” said Superdry.

Superdry shares (LON: SDRY) are currently down 7.60% to 13.60p. This year, shares have fallen from highs of 525.50p.

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Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.