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SuperGroup says business 'on track' and confirms Regent Street opening

Sales at young fashion business SuperGroup have improved in the last three weeks and are running at about the same level as in its fourth quarter, when they rose 39%.

SuperGroup, which is holding an analysts’ visit today, also confirmed it exchanged contracts to open a flagship Regent Street store in the premises occupied at present by Austin Reed.

The analysts’ visit follows a period of pressure on SuperGroup’s shares as some question the longevity of its Superdry brand and sales momentum.

However chief executive and founder Julian Dunkerton said: “The potential for our brand remains, both in the UK and internationally, where we see largely untapped capacity and the CNC [former franchisee business] acquisition is already proving critical in helping us accelerate our growth.

“We have clear visibility in our roll-out programme for the first half and remain confident of delivering our target store openings this year.

“We remain positive about the outlook and the continued development of the group in the current year.”

SuperGroup, which also runs the Cult young fashion chain, aims to open on Regent Street towards the end of its financial year and said it plans “a phased approach to the site as a whole”.

The 61-store retailer will open between six and 10 branches in the first half.

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