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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Boohoo group plc    BOO   JE00BG6L7297

BOOHOO GROUP PLC

(BOO)
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Boohoo : Superdry firms up stand against founder Dunkerton's return

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03/14/2019 | 06:03am EST
A woman walks past a window display at a Superdry store in London

(Reuters) - Superdry reiterated its decision to not allow founder and former boss Julian Dunkerton on its board, after he urged shareholders on Thursday to vote for him and industry veteran Peter Williams at the retailer's shareholder meeting in April.

The British fashion group has been engaged in a battle with Dunkerton since the former CEO called for the shareholder meeting in an attempt to force a return to the company's board after a raft of profit warnings.

Dunkerton and Superdry's co-founder and former brand and design director, James Holder, said earlier this month they wanted to place Williams, current chairman of online fashion retailer Boohoo, on the company's board.

Dunkerton, in a letter to shareholders on Thursday, said he would work to restore double-digit percentage EBIT margins and rebuild profitability in two to three years.

He also pledged not to sell his shares in the company for at least two years http://bit.ly/2HleCIh.

The company said its board believes that Dunkerton's return would be "extremely damaging to the company and its prospects".

"There is little new information and no clear articulation of the proposed strategy or action plan in (Dunkerton's) statement," Superdry Chairman Peter Bamford said.

Superdry, which has already stated that it does not want Dunkerton back, said that its board unanimously recommended shareholders to vote against electing Dunkerton and Williams.

Dunkerton owns 18.4 percent of Superdry.

Shares of Superdry, which main products are sweatshirts, hoodies and jackets, plummeted 68 percent in the last year.

Last year, the company launched an 18-month product innovation and diversification programme, aiming to reduce its over-reliance on cold weather clothing by entering new areas such as children's clothes.

Shares were up 2.5 percent at 528.5 pence at 1027 GMT on Thursday.

(Reporting by Sangameswaran S in Bengaluru; Editing by Saumyadeb Chakrabarty)

Stocks mentioned in the article
ChangeLast1st jan.
BOOHOO GROUP PLC -0.72% 276.3752 Delayed Quote.73.00%
SUPERDRY PLC 0.26% 499.1 Delayed Quote.6.41%
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Financials (GBP)
Sales 2020 1 188 M
EBIT 2020 92,2 M
Net income 2020 51,1 M
Finance 2020 237 M
Yield 2020 -
P/E ratio 2020 62,3x
P/E ratio 2021 48,9x
EV / Sales2020 2,54x
EV / Sales2021 1,96x
Capitalization 3 257 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 307,11  GBp
Last Close Price 279,40  GBp
Spread / Highest target 34,2%
Spread / Average Target 9,92%
Spread / Lowest Target -35,6%
EPS Revisions
Managers
NameTitle
John Lyttle Chief Executive Officer & Director
Mahmud Abdullah Kamani Executive Chairman
Neil James Catto Chief Financial Officer & Executive Director
Jo Graham Chief Information Officer
Carol Mary Kane Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
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KERING31.20%74 961
FAST RETAILING CO., LTD.17.76%59 811
ROSS STORES36.41%41 053
ZALANDO86.85%11 579