Fashion specialist SuperGroup has confirmed that full-year profitability is on track to come in as it promised when it floated in March.
The retailer, which owns the trendy Superdry brand and the Cult chain, said in its pre-close update that full-year group sales rose 83% to £139m and like-for-like retail sales rose 17% over the year to May 2. Wholesale sales increased 98% to £54m.
House broker Seymour Pierce said the update “confirms exceptional growth over the last year” and that SuperGroup “should achieve further significant earnings growth in the next two years from a continuation of the store roll-out plan in the UK, rapid development of the internet business and expansion overseas”.
But Arden Partners analyst Nick Bubb was surprised that there was no upgrade on full-year profits. He said: “I noted that the like-for-like retail sales suggest a bit of a slowdown. I am sure the cold weather hasn’t helped but John Lewis is trading well and it doesn’t just sell lightweight T-shirts.”
SuperGroup chief executive Julian Dunkerton said he was “absolutely delighted” with the progress made by the UK and overseas businesses. Over the next year, he intends to develop the Superdry brand in the Middle East through franchisees, further build its internet business and open 10 more womenswear concessions. The retailer has 43 standalone stores, 56 House of Fraser concessions and wholesales in 33 countries.