Supergroup achieves strong first half growth
Supergroup, the owner of the Superdry brand, has seen it first half revenues climb by 31.1% to £334 million as it benefited from the weak pound. The impact of currency changes accounted for around one third of growth in each of its operating divisions.
In the six months to 29 October, total retail sales climbed by 25% with like-for-like sales growth of 12.8%. Wholesale revenue increased by 43.8%.
Euan Sutherland, Supergroup chief executive, said: "This is another good performance particularly when set against last year's strong first half trading. Our new product ranges continue to perform well and during the second quarter our continuity ranges provided trading resilience when the weather across Europe was unseasonably warm.”
During the period, Supergroup opened 12 owned stores, all of which were outside the UK. It also opened new distribution facilities in Europe and the USA which will be fully operational in 2017.
The company said it had made good progress in its development markets of North America and China.
Supergroup anticipates that full year profit will be in line with market expectations and that the half year profit, after distribution centre migration costs and development market investment will be in the range of £20 million and £22 million.
Sutherland added: “Our focus remains on executing the clear growth opportunities for the Superdry brand, together with key third quarter trading period ahead of us.
“Our ongoing diversification across geography, channel and category, reduces the Group's reliance on any individual market and provides further confidence in the Group's future prospects as we develop our global lifestyle brand."
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