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SuperGroup like-for-like sales down 3.7% in first quarter

Superdry owner SuperGroup grew total sales by 15.9% to £87m in the three months to July 26, but like-for-likes fell 3.7%.

The company said its like-for-like performance in the first quarter was affected by ongoing issues including shortages of key spring 14 lines and a “highly competitive market”.

However, it noted that it has now completed five weeks of second-quarter trading and has seen an improvement in like-for-like sales following the transition to autumn 14 ranges. Taking that into account, like-for-likes were down 1% over the 18 weeks to August 30.

SuperGroup plans to begin reporting its first-quarter results in early August from 2015 onwards, to provide more up-to-date results.

Total retail sales in the period were up 13.6% to £60.4m, while wholesale sales increased 21.6% to £26.6m.

In line with the company’s growth strategy, store openings during the quarter were concentrated in mainland Europe, adding a net 13,000 sq ft to the portfolio.

This included a large-format store in Marseille and a smaller one in the Alpine resort of Kitzbühel, Austria, ahead of the launch of the Superdry skiwear range. Six stores are due to open in Germany by the end of the calendar year.

Chief executive Julian Dunkerton said: “We have delivered another quarter of double-digit sales growth across both wholesale and retail. The order book for autumn 14 is in line with our expectations and continues to demonstrate the global appeal of the brand.

“With our strong pipeline of new stores, particularly in mainland Europe, the continued evolution of the ranges and our improved infrastructure we remain confident that we have the platform to deliver profitable growth in the current year.”

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