- Profits up to between £72.5m and £74m
- Like-for-likes up 11.2%
- Holder to lead design hot house SuperDesign Lab and spend more time on his personal interests
SuperGroup has reported a rise in full-year profits and like-for-like sales, and revealed that one of its founders, James Holder, has resigned from his role.
Holder will resign from his current role as brand and design director and instead becomig a consultant, leading the group’s design consultancy, SuperDesign Lab, and spend more time on his personal interests.
Underlying profits before tax rose from £63.2m to between £72.5m and £74m.
SuperGroup said: “Progress in North America and China continues in line with our plans and initial losses in these markets will be in line with market guidance, leading to a small year-on-year dilution of operating margin.”
The group racked up a 21% increase in sales to £589.5m for the 52 weeks to April 23, while like-for-likes climbed 11.2%.
SuperGroup noted, however, that it was the group’s lowest volume trading period ever.
Retail revenues increased by 24.5% and the group said new space and like-for-likes contributed “broadly” equally to this rise.
Wholesale revenue grew 13.7%, with a 19.6% rise in the second half.
Chief executive Euan Sutherland said: “The group has traded robustly throughout the final quarter as we continue to deliver our strategy to create a global lifestyle brand. Our focus remains on the extension of the Superdry brand and execution of clear growth opportunities, underpinned by continued investment in infrastructure to strengthen our business.”
Overall the group opened 136,000 sq ft of selling space, up 17.8% from the previous year.
It plans to open two new distribution centres during this year to serve European and North American retail markets and ensure scalable growth.