Superdry down £175m because they're rubbish at maths
Fashion retailer SuperGroup are looking at going back to school after they wiped £175m off their value after dropping a massive maths bollock, or as they call it, “arithmetic errors.”
Chas Howes, outgoing finance director at Superdry, discovered that a plus-sign, rather than a minus figure, had been put in the forecasts for the wholesale business. This is not the kind of thing you want to be doing when you're on your third profit warning since October. Shares have now sunk to an all-time low.
SuperGroup explained there have been “arithmetic errors in our forecast of the wholesale business amounting to some £2.5 million”.
With ginormous calamities like this happening as well as a lack of sales (not to mention the fact no-one really buys anything anymore, ever), Superdry could well be a candidate for Deathwatch. However, it isn't a good idea to ask Superdry because they've no idea how well they're going.
In a statement, the retailer said that its “wholesale business is multi-dimensional, experiencing high growth levels and, given our rapid expansion and lack of history, it is difficult to predict accurately”.
Bad at maths and can't see where they're going. What a tremendous farce!