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SuperGroup delivers "solid" sales rise

Young fashion business SuperGroup delivered a 16.3% rise in sales in the first half as like-for-like retail sales rose 3.9%.

Total group sales in the 26 weeks to October 28 rose 16.2% to £158.2m while sales in the 13 weeks to October 28 grew by 20.3% to £98.4m.

The group, which owns young fashion brand Superdry, said business was boosted by cold weather, particularly in the latter part of the quarter.

Sales across its retail division shot up by 32.2% to £52.2m in the quarter, with like-for-like sales up 5.8%. During the half sales rose 26.5% to £92.4m and like-for-like sales were up 3.9%. Sales during the period were up against soft comparisons the previous year as the group reported a 3.3% like-for-like drop in sales due to the impact of the warehouse management system problems.

SuperGroup’s wholesale revenues rose 14.4% to £48.4m in the quarter, however once figures have been adjusted for foreign exchange rates sales increased by 9.2% to £46.2m. In the first half sales rose by 4.4% when adjusting for currency.

Wholesale orders in the UK continued to decline, while orders from Europe and the rest of the world continued to show “significant growth”.

SuperGroup said that while it is mindful of the competitive festive season ahead the group is on track to deliver profits in line with expectations.

Chief executive Julian Dunkerton called the results “solid” adding that the Superdry brand “remains in good health” despite the wider economic issues.

“While I am pleased with the progress that the new team is making there remains much to do,” he said.

“We are in the process of introducing a key number of systems and operational developments to ensure our infrastructure capabilities match the size of the business and our ambitions. I am, however, confident that the group will deliver these and meet its financial objectives.”

 

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