LONDON (ShareCast) - (Sharecast News) - Superdry has appointed Benedict Smith as interim chief financial officer with immediate effect.
The fashion retailer said Smith has 18 years of experience as CFO of a wide range of quoted and privately-owned businesses, most recently serving as interim CFO at Dennis Publishing Group.

He also has "extensive" relevant sector experience, Superdry said, having held a number of CFO roles in the retail sector at businesses such as Harrods, Hunter Boots, Game Digital and Spirit Group.

Smith is currently a non-executive director of McColl's Retail Group and member of the Remuneration and Audit Committees.

Chairman Peter Williams said: "I am delighted we have secured an Interim CFO with such extensive experience in senior finance roles in the retail sector. This is an important step in giving Superdry leadership and stability in a critical area of the business during an important time."

Broker Liberum said: "This is a positive development with a strong new hire into the CFO role and is very welcome at a time of further uncertainty within the wider market backdrop.

"We note that the group's cash management throughout Covid-19 to date already deserves much credit, with a net cash position of c.£44m as at September materially ahead of prior year, due to both strong stock clearance and a disciplined buying for AW20. This puts it in a position of relative strength as we look to the coming weeks and months.

"Longer-term, post-Covid, we see a route back to profitability as the new strategy can more fully impact. In particular, a dramatic improvement in the AW21 product offer, more effective marketing and clearer, more targeted segmentation of the customer base should all drive increasing brand momentum."

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