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SuperGroup posts "pleasing performance"

SuperGroup has posted a “pleasing performance” as total sales jumped 10% despite UK wholesale sales declining in its first quarter.

In the 13 weeks to July 29 total group sales grew by 10% to £59.7m.

UK sales were “resilient”, growing by 19.7% to £40.2m overall. Like-for-like sales grew by 1.7%, despite what the company called “unseasonal weather conditions and aggressive promotional activity on the high street”. As a result of the mild spring jackets, gilets and sweatshirts sold solidly.

Wholesale revenues dropped 5.6% to £19.6m, which SuperGroup attributed to differences in timing of stock dispatches compared to last year.

The orderbooks for autumn 12 show an uplift of around 7% compared to last year.However SuperGroup said UK wholesale orders would continue to decline as more group-owned stores open.

The company said international orders are growing significantly and following a recent franchise deal in India SuperGroup has completed a five year deal with Azadea Group Holding, which operates franchises in the Middle East and North Africa. As a result of this the retailer is set to open stores across Lebanon, Egypt, Qatar and Bahrain. During the period SuperGroup increased its number of franchised stores by 13 taking the total to 102.

Chief executive Julian Dunkerton said: “The retail division has produced a sound performance during the quarter against challenging comparatives and reflects the impact of improved retail practices. While wholesale revenues appear more challenging in the quarter, we are encouraged by the level of the order book for the full autumn/winter season.

“Trading conditions remain volatile and unpredictable, but SuperGroup has produced a pleasing performance and while we recognise that it is early in the year we are on-course to meet our financial objectives.”

During the period two standalone stores opened, taking the UK portfolio to 81.

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