SuperGroup revises profit guidance due to slowing sales in January
SuperGroup, the owner of the Superdry fashion brand, saw retail sales rise by 27.8% to £78.5 million in its third quarter. Like-for-like sales increased by 4.4% in the 13 week period ending 29 January.
However, sales have slowed since the Christmas trading period when like-for-like retail sales increased by 9.3%.
The performance has led the group to revise its profit guidance and it now expects profit before tax for the full year to be towards the lower end of the range of market expectations.
Superdry, which trades from 76 UK standalone stores and 74 concessions, opened four new stores during the quarter at key locations including one floor at the group's new Regent Street flagship store.
The group’s wholesale division returned to growth in January with year-on-year sales up 59.2%, reversing the 3.8% decline seen in November and December.
Julian Dunkerton, SuperGroup CEO, commented: "Retail sales during the quarter have been mixed, with a challenging last three weeks of January.
"Whilst we continue to expand our retail, wholesale and internet businesses, our focus in the coming year will be on rolling out our new ranges in the UK and internationally and making improvements to the operational side of our business."
The increase in third quarter sales compares with a like-for-like sales fall of 3.3% in the second quarter when trading was affected by stock shortages caused by the implementation of a warehouse IT system upgrade.
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