A fourth profit warning in 12 months for SuperGroup has come about due to an accounting error.
Fashion retailer SuperGroup has seen more than a third of its value erased on the back of a financial error.
The owner of clothing brand SuperDry, which is worn by footballer David Beckham, has made errors in its forecasting by an amount of £2.5 million.
In a statement SuperGroup says, ‘There have been arithmetic errors in our forecast of the wholesale business amounting to some £2.5 million.
‘There is a shortfall in the current year of some £2 million due to the particular timing of pull-down of stock over the year end period by both franchise and wholesale customers.’
Having initially floated on the market in March 2010, the company saw its share price rise to a high of £18.20 during February 2011.
However, problems with sales and materials procurement have meant that its price has dropped over the past year.
The company says that profits are expected to be £43 million, having initially predicted £50 million in February.
A new financial director, Shaun Wills, will start his position on 23 April following previous director Chas Howes’ 20 March decision to take up a ‘less demanding’ role due to personal reasons.
Shares in SuperGroup stood at 370p at 12:30pm.