Cyberattacks against accounting software firm Wolters Kluwer and the City of Baltimore in May showed how the newest wave of malicious hacking can have significant, often...Technologyread more
The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Biden had criticized Kim Jong Un as a "dictator" and a "tyrant" at a recent rally in Philadelphia. North Korean state media responded by calling Biden a "fool of low IQ" among...Politicsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
* Sees annual underlying pretax profit below market view
* Wholesale and ecommerce hold back revenue
* Founder lays out turnaround plan (Adds details on performance, shares, analyst quote)
May 9 (Reuters) - Superdry warned again of a shortfall in annual profits on Thursday as founder Julian Dunkerton began efforts to revitalize the British fashion retailer after winning control in a bruising boardroom battle.
Shares in the company initially fell as much as 8 percent before recovering to trade 1.2 percent higher within a volatile first 35 minutes of trading.
Superdry has issued a string of profit warnings, the latest in December, and its shares have slumped 75 percent over the last year, as it struggled to expand beyond its core business in trademarked winter hoodies and jackets.
Lower revenue in the Christmas quarter also rang alarm bells with investors, who voted to hand back operational control of the company to Dunkerton in April. Dunkerton's return prompted the exit of most of its board members and his appointment as interim chief executive officer.
The company said it would miss market expectations for underlying pretax profit for the year to April 27 which had been seen in a range between 54.1 million pounds to 59.4 million pounds. It had guided to profit of between 55 million pounds and 70 million pounds in December.
"There's a lot to do, but after five weeks, I am more confident than ever that we can restore Superdry to being the design led business with strong brand identity I know it can be," Dunkerton said.
Launched as a clothing stall at Cheltenham market in western England, Superdry owns a network of 139 stores across the UK and mainland Europe, and has a further 208 franchised and licensed stores, all but one outside the UK.
Superdry said on Thursday its performance continued to be weak but that Dunkerton had already taken actions to increase the number of products sold online and raise stock levels in selected stores.
He has also cut promotional activity, helping margins, and expects to launch 500 new products in the first six months.
The company said revenue was unchanged for the financial year 2019 at 871.7 million pounds ($1.14 billion), but declined 4.5 percent in the fourth-quarter, with poor performance in its wholesale and ecommerce businesses.
"Whilst it may be too soon for the recent major boardroom reshuffle at Superdry to have any meaningful impact on financial results, the company's pre-close update makes very clear that change is under way," Edison Investment Research analyst Kate Heseltine said. ($1 = 0.7678 pounds) (Reporting by Tanishaa Nadkar and Noor Zainab Hussain in Bengaluru Editing by Patrick Graham/Keith Weir)