Profits at young fashion group SuperGroup, which owns of the Superdry brand, more than doubled last year, while strong current trading is likely to silence the company’s critics.
The group, which owns the Superdry brand and the Cult chain, generated a 110% increase in pre-tax profits to £47.3m in the year to May 1, when sales climbed 71% to £237.9m.
Although some observers have questioned the longevity of the Superdry brand, SuperGroup founder and chief executive Julian Dunkerton said he was confident in its prospects.
He said that in the first 10 weeks of the new financial year retail sales rose 48% and group revenues were ahead 56% year-on-year.
UK store-openings were “on track”, he added. The 60-strong chain is planning to open a further 20 this year, of which three have opened and legal commitments made on another 10.
SuperGroup expects to open its Regent Street flagship, in the premises occupied at present by Austin Reed, towards the end of this financial year.
International expansion is being accelerated, Dunkerton said, and 44 overseas franchised and licensed shops opened last year.
He added: “We have had a successful year, delivering strong financial results in a challenging retail environment and have made significant progress across a number of key areas.
“Our international franchise operation goes from strength to strength and following our acquisition of SuperGroup Europe BVBA in February, we are accelerating our European roll-out.
“We remain confident in our strategy and in the ongoing potential for the Superdry brand, both at home and internationally.