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Fashion retailer Superdry has had its shares temporarily suspended by the Financial Conduct Authority (FCA) after delaying the publishing of its full-year results.
The company stated that its results were not ready and therefore requested that trading of its Ordinary Shares be suspended.
Superdry expects that its shares will return to trading after it publishes its results before the end of the week.
The company has put the delay down to the fact that it is its first year being audited by RSM.
Superdry stated: “The company is currently working with its auditor, RSM UK Audit LLP, to complete the final technical points of the audit of its FY23 results and expects to announce later this week. The board confirms that the delay is a result of normal procedures taking longer than anticipated during the first year that RSM is auditing the company.”
Superdry has struggled since the pandemic and walked back its expectance to “broadly breakeven” in April after sales in February and March were “below expectations”.
The company stated that while sales were showing significant year-on-year growth they were not what the company expected.
At the time it put it down to a number of external factors like the cost-of-living crisis having a significant impact on spending and footfall, and poor weather resulting in less demand for its spring-summer collection.
