Due to "arithmetic errors" the owner of the Cult & Superdry brands expects its pre-tax profits for the year to April 29th 2012 to come in at around £43 million, whereas the market was expecting a figure closer to £50 million. Market confidence in the retailer has plummeted as a result of the announcement, with its share price dropping in value by 33 per cent in the first hour after the accounting errors become public.