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SuperGroup plots European expansion and confirms China deal

Superdry parent company SuperGroup is seeking expansion in Europe and China after its pre-tax profits rose 2% to £63.2m for the year to April 25.

Overall sales at the young fashion business, which has 200 stores across Europe and the US, rose 12.9% to £486.6m during the period, while like-for-likes increased 4.8% to £334.1m. Group gross margin was ahead by 120 basis points.

The wholesale division delivered revenue of £152.5m, up 4.9%.

Chief executive Euan Sutherland said the business suffered a “challenging” start to the year but was boosted by stronger trading in the second half.

This has carried through to the first 10 weeks of the new financial year, during which like-for-likes grew 20.3%.

It is now planning to build on its 100 European store count with 25 new openings planned for this year including 11 in Germany, bringing the total there to 33. Openings in Austria, Italy, Spain and Poland are to follow.

SuperGroup also confirmed it has signed a 10-year deal to enter the China with Chinese retailer Trendy International Group. It will begin opening stores in the region from mid-2016.

Sutherland said: “The past year has seen substantial progress in building Superdry globally with continued expansion of our owned retail presence in Europe and the buy-back of the US licence.

“The joint venture in China with Trendy International Group, announced today, together with an extensive pipeline of new stores in our targeted European markets and continued momentum in ecommerce, provides confidence of continued long-term growth.”

@LukeToddUK

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