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Supergroup profits jump 13.1%

SuperGroup pre-tax profits jumped 13.1% in the first half as like-for-like retail sales rose 3.9%.

Group retail sales rose 16.2% to £158.2m for the 26 weeks to October 28 as underlying pre-tax profit shot up to £14.7m.

Retail revenues soared 26.4% to £92.4m with like-for-like sales growing 3.9%m, a “resilient performance” driven by good sales performance from jackets, gilets and sweatshirts.

The young fashion business, which owns the brand Superdry, also delivered a 4.4% rise in wholesale revenues to £65.8m.

Operating profit margins increased to 22.9% during the period, up from 20% in 2011, helped by falling cotton prices and better cost price negotiation from the sourcing team.

Chief executive Julian Dunkerton said: “Although the trading environment has remained challenging and volatile, the group’s sales performance in the first half of the year has been encouraging.

“There have been a number of positive factors that have supported this performance but it is clear that the ongoing investment in design and the growing presence of the brand have enhanced sales both in the UK and overseas.”

Online sales now represent 10.2% of the group’s revenue, up from 8.2% in the same period last year. The business now operates 12 overseas websites and during the period SuperGroup launched international websites in Canada, Switzerland, Spain and Italy.

Dunkerton said international sales represented a “substantial opportunity”.

He added: “During the last six months there has been significant change in the group’s management structure as we commit to building a solid platform to support our future growth. Good progress is being made but the full infrastructure upgrades, and the associated benefits, will take a number of years to deliver.

“The economic outlook remains uncertain but I am confident in our strategy and our ability to maximise the opportunities we have in the UK and internationally and deliver our full year profit targets.”

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