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SuperGroup posts £22.5m in full year pre-tax profit

SuperGroup, the young fashion business which owns brand Superdry and chain Cult, has posted £22.5m in pre-tax profit in its first set of annual results since it joined the stock exchange.

The business, which floated on the stock exchange on March 24, saw profit before tax increase by £14.6m for the year to May 2. Group revenue rose 83.1% to £139.4m while like-for-like sales surged 17%.

Wholesale sales rose 94.4% to £53m.The business said its wholesale open order book for autumn 10 indicated it will be “another record season”.

SuperGroup said the current financial year had started well and was in line with expectations.

SuperGroup, which increased its concessions to 56 during the year, plans to add a further 10 womenswear concessions before Christmas 2010 alongside its best performing menswear locations. It also plans to boost its womenswear range, which represents 34.4% of total retail sales.

The business plans to open around 20 stores per year in the UK. During the year the group opened 20 standalone stores in locations such as Cardiff’s St David’s Centre, Union Square, Aberdeen and Meadowhall in Sheffield.

In the current financial year SuperGroup plans to increase its business overseas. It has 39 franchise stores in 14 countries, 14 of which have opened since it joined the stock exchange.

SuperGroup said its online operation accounted for 4.4% of total sales. The business will launch a new site offering multi-language and multi-currency options across a number of European territories.

Julian Dunkerton, chief executive of SuperGroup, said: “SuperGroup has had a fantastic year, delivering an excellent set of financial results and achieving a highly successful listing on the London Stock Exchange.”

He added: “Superdry is fast becoming a truly global brand and our ranges continue to be well received by customers. Strong retail growth in the form of new store openings in the UK and enhancements to our online offering, together with the development of our womenswear range, increasing wholesale demand and new international franchise agreements point to continued success next year.”

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