SuperGroup on track after warehouse glitch
Total group sales grew 42% to £82 million with wholesale sales up 67% to £42 million.
Last month the group issued a surprise profit warning following short-term systems and operational issues at its UK distribution centre which the group said could reduce annual profits by up to £9 million. Today SuperGroup said that sales are now improving as the UK stores move back towards normal stock replenishment levels.
Wholesale sales have been unaffected by the distribution issues as they operate on a different system.
Superdry opened 12 new standalone stores in its first half bringing the total to 72 and a further four stores are due to open before Christmas. The group’s flagship store in London's Regent Street is on track to be fully open by the end of the financial year.
Julian Dunkerton, chief executive officer, commented: “While this has been a demanding period for SuperGroup logistically, we are well on the road to rectifying the situation and have learned valuable lessons in the process. These changes to our UK distribution capability are vital to the future success of this business. Additionally, as we grow we will continue to strengthen our systems, infrastructure and management team across the business to support our future requirements.
“The broader macro and consumer environment remains uncertain. However, we look forward to the peak season with a growing portfolio of stores both in the UK and internationally and confidence in the future growth of the business.”
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