- Underlying pre-tax profit surges 54.4% to £19.3m
- Retail like-for-likes up 17.2%
- Broadening offer into womenswear and sports, including rugby, drives sales
Fashion retailer SuperGroup has posted rising profits and sales in its half year after broadening its offer into womenswear and sports.
Underlying pre-tax profit surged 54.4% to £19.3m, and excluding North America, jumped 73.6% to £21.7m.
Retail like-for-likes were up 17.2% in the 26 weeks ended October 24, and the retailer remains upbeat on its prospects for Christmas.
Retail revenue increased 30.8% to £172.1m. Group revenue advanced 22.3% to £254.7m.
SuperGroup chief executive Euan Sutherland said: “SuperGroup has made good progress in realising its strategic objectives in the first half and has delivered profitable growth, while continuing to invest in the business. Central to this is the ongoing process to get ever closer to our customers who clearly appreciate the product innovation that is widening the Superdry offer.
“With a successful first half completed, the business is well placed for the significant peak trading period. Whilst comparatives in the second half are more challenging, the development of Superdry into a global lifestyle brand is proceeding with pace and this, together with the strength of our product offer and increasing efficiency, will enable us to deliver long-term sustainable growth.”
SuperGroup, which operates 613 stores and concessions across 51 countries, has aimed to extend its offer to appeal to more shoppers.
It expanded its womenswear range, developing a Superdry Sport collection for women, and launched into new categories including rugby. Last month it unveiled its new collaboration with Luther actor Idris Elba.
The retailer also improved its infrastructure capabilities, including combining its store and ecommerce inventory into a single stock pool to provide “much improved product availability” to online customers. SuperGroup operates websites across 18 countries and delivers to 169 countries.
Online retail sales accounted for 19.2% in the period.
SuperGroup appointed Nick Tatum as global retail director last month. Tatum has clocked up an “extensive” career at Tesco where he held a range of senior leadership roles in operations and commercial.