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Superdry profits up 13.1%

Supergroup, the owner of the Superdry fashion chain, has reported a 13.1% increase in first-half profits with sales growth accelerating in recent weeks.

GENERAL MERCHANDISE

Superdry profits up 13.1%

Supergroup, the owner of the Superdry fashion chain, has reported a 13.1% increase in first-half profits with sales growth accelerating in recent weeks.

In the six months to 28 October, underlying pre-tax profit reached £14.7 million while group revenue rose 16.2% to £158.2 million.

The retailer said that like-for-like sales in the six weeks since 28 October were up 9.3% outpacing the 3.9% growth seen during the previous six months.

Chief executive Julian Dunkerton said: "Although the trading environment has remained challenging and volatile, the group’s sales performance in the first half of the year has been encouraging.

"The economic outlook remains uncertain but I am confident in our strategy and our ability to maximise the opportunities we have in the UK and internationally and deliver our full-year profit targets."

Supergroup, which operates 375 stores around the world, said it was making “good progress” identifying potential sites for new stores both in the UK and Europe. In the UK and the Republic of Ireland, the group opened three new stores in the six month period taking the total number of wholly owned stores to 81. Since the period end, Supergroup opened its first store in Germany.

Online sales grew 24% in the half-year. In addition to its website in the UK, the group now operates through 12 overseas websites, up from four in 2011. Since the year end, the group has launched websites in Switzerland, Canada, Spain and Italy and in the last 12 months sold to more than 100 countries.

In a statement the group said: "In the six weeks since the end of the period the group has performed broadly in line with internal expectations and generated positive like-for-like retail sales.

"Although the consumer climate remains challenging and the Group is trading against a strong December sales performance last year, which saw like-for-like sales at +9.3%, the Superdry stores are well positioned ahead of this year's peak trading period."
 

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