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New stores fuel growth at Supergroup

Supergroup has reported a 14.6% increase in sales for the 11 weeks to January 9, following the opening of 11 new stores across Europe during the period.

Supergroup

Supergroup

Supergroup

The business opened four shops in Germany and added a total net space of 64,000 sq ft.

Like-for-like sales during the period were up 1.2%.

The business said it maintained its margin over Christmas and “traded in line with its planned promotional strategy throughout the period”, which included category Sales before Christmas and a clearance event in store and online from Boxing Day.

It added: “There is no change to guidance for the full year gross margin accretion of between 40bps and 60bps.”

Euan Sutherland, chief executive, said: “Having made further good progress through our peak trading period our focus remains on delivering our strategic plan to create a global lifestyle brand. This encompasses the continued extension of the Superdry brand and the execution of clear global retail growth opportunities, under-pinned by ongoing investment to strengthen the business.

With a positive customer reaction to our latest product developments, a strong pipeline for new stores in our targeted European markets and established momentum in e-commerce, the board remains confident in delivering underlying profit before tax for the full year in line with analyst expectations and in the brand’s continued long-term growth.”

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