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The share price of clothing brand Superdry (LON:SDRY) fell by 2.17% to 837.88p (as of 15:05 GMT) as in-store sales dropped during the 26 weeks ended 27th October. Overall brand revenues rose by 6.4%, but this was driven by digital and wholesale channels. The company also raised concerns that there had not yet been a significant stretch of winter weather in its key markets and that was having a knock on effect on coat and jacket sales, which are key to its overall revenues in the current period.
CEO Euan Sutherland said: “Superdry has made significant progress in the first half. We are six months into a product diversification and innovation programme and, as we said in the summer, it will take up to 18 months for the benefits to come through. In the meantime we are well prepared for peak trading and the team remains highly focused on the delivery of sales growth and further efficiencies in the remainder of the year.
“Superdry is a strong brand with significant growth potential, based not only on product diversification and innovation, but also on our category extension and geographic expansion opportunities and our ability to leverage our multi-channel operating model to serve customers in whichever way suits them best“.