Returning Superdry chief executive Julian Dunkerton lambasted previous management on Wednesday as the firm he founded plunged to an £85 million loss.
Those losses for 2019 came because the company “lost its way” under then chief executive Euan Sutherland, says Dunkerton, who forced his way back onto the board after a shareholder revolt.
The shares plummeted from more than 2000p to just 437p today.
Sales were flat at £871 million.
Dunkerton promised a “fundamental difference in the quality and the process of design”. He added: “The retail skills were lost. They threw the DNA away. The brand had lost its way, lost its edge.”
He cited a move into children’s clothes as a “disastrous error of judgment”.
While Dunkerton thinks there are “easy wins” to be had from returning the brand to its strengths, sales are likely to fall in 2020 due to “highly competitive retail markets”.
Superdry wrote down the value of its stores, leading to impairment charges of £129 million.
Dunkerton stepped down in 2015. He and James Holder set up the business as a market stall in Cheltenham 16 years ago.
In March, the company said it would cut up to 200 jobs
