The founder of ailing clothing brand Superdry has promised a revival but said the road to recovery would be long.
That after a $161 million dollar charge for poorly performing stores pushed it into an annual loss.
It follows a string of profit warnings as Superdry has struggled to branch out from its sweatshirts, hoodies and jackets with random Japanese text.
Shares in the company fell as much as 11% on Wednesday, which extends losses over the last year to 67%- which came after a profit warning for 2019-20.
Superdry, like much of the UK high street, has been challenged by Brexit uncertainty, rising costs, and a shift towards online shopping.
The brand's biggest shareholder and founder said he still saw big opportunities in China and the U.S. ...and would be reviewing how it operates in those markets.
Julian Dunkerton also said he did not anticipate a significant number of its stores closing.
Superdry has tried to improve the number of products it sells online and cut back promotions to try and improve profit margins.
But analysts have cut their forecasts for Superdry again
And are looking to see if the new management team can stabilize demand for its core ranges and product lines.