Supergroup sales growth slows due to lack of summer clothing in stores
Supergroup, owner of the Superdry fashion brand, has reported slowing sales growth in its fourth quarter trading statement.
Revenue rose by 61% to £66 million in the three months to 1 May, compared with an 87% rise in the third quarter. The hoody and t-shirt retailer said the slowing sales were due in part to its failure to get its full range of summer stock out to stores quickly enough when the warm weather arrived. In addition, Superdry opened fewer new stores in the quarter.
Supergroup said its online business continued to grow with the introduction of a number of new foreign language sites. It said that reported sales increased in the quarter by over 180% and more than doubled over the year.
Overall, Supergroup achieved total sales for the year of £238 million which was up 71% on the previous year.
Diane Savory, Superdry’s chief operating officer, left the business earlier this month for personal reasons after 20 years.
Julian Dunkerton, chief executive officer, commented: "Looking forward, Supergroup has a number of exciting developments internationally with further openings across Europe, Asia and the Middle East. Our strategy and prospects remain on track.”
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