Superdry is reviewing its store portfolio, after its underlying profits fell by 49% year-on-year to £12.9m during the first half of its financial year.
The clothes retailer intends to complete a review of its store portfolio by March to consider closures, right-sizing, relocations and rent renegotiations.
During the 26 weeks to 27 October, Superdry operated 249 stores, with a further 446 franchised and licensed shops.
The review forms part of a cost-cutting programme targeting savings of at least £50m by FY22. It is currently part way through a 19-month product innovation strategy.
Superdry said it expected annual underlying profit of between £55m and £70m, falling short of analyst expectations of £84m.
Euan Sutherland, chief executive of Superdry, said: “Superdry had a difficult first half, impacted by unseasonably warm weather across our major markets, a consumer economy that is increasingly discount driven and the issues we are addressing in product mix and range.”
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