Shares plunge in maternity wear brand Seraphine as stock delays hit trading

·1 min read
Maternity wear firm Seraphine has experienced some supply chain headaches  (Seraphine)
Maternity wear firm Seraphine has experienced some supply chain headaches (Seraphine)

Seraphine, the upmarket maternity wear brand, has said shipping delays in a “challenging” second quarter have weighed on its profits.

The company, which floated at 295p per share earlier this year, said that sales in the first quarter to July 4 surged.

But the firm added that, like many other retailers, it “experienced supply chain issues from China due to the heavily delayed arrival of sea freight from late July”.

Stock issues have now been resolved but underlying first half profits are expected to come in at around £2.5 million, some 15% below a year earlier.

Seraphine, which was launched in 2002 from a single store in Kensington, today has eight branches and its products are sold online.

For the full year the brand expects profits to be at least in line with the prior 12 months.

Regarding logistics, management are building more time contingency into the design and supply process.

Chief executive David N Williams said: "After a strong Q1 exceeding expectations with group revenue growth of over 50%, it is extremely disappointing to have to report a weaker Q2 performance due to the significant impact of logistical headwinds and the subsequent momentum loss.”

The boss said: “I believe the actions we are taking are the right ones to ensure an improved second half performance and I remain fully confident in the future prospects for Seraphine."

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