Studio Retail Expects Adjusted Pretax Profit to Drop in FY 2022; Shares Fall -- Update

Studio Retail Expects Adjusted Pretax Profit to Drop in FY 2022; Shares Fall -- Update

By Sabela Ojea Shares in Studio Retail Group PLC on Thursday fell after the company said it expects to post a decline in full-year adjusted pretax profit, despite a significant rise in pretax profit for the first half of fiscal 2022. The digital value retailer posted a pretax profit of 26.5 million pounds ($35.3 million) for the 26 weeks ended Sept. 24, compared with GBP15.9 million for the same period a year earlier. Adjusted pretax profit for the first half rose 36% to GBP23.7 million, it said, but added that it expects to post a full-year adjusted pretax profit in the range of GBP35 million and GBP40 million. The company reported an adjusted pretax profit of GBP48.8 million for the previous fiscal year. Revenue increased to GBP239.6 million from GBP232.0 …
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