Fashion retailer SuperGroup appears to have won back investor confidence after a series of upsets and after its stock rose more than a third over July.

Broker Peel Hunt said that despite the shares’ rise “they still fall short of pricing in management’s stated growth plans”, and it was impressed by the retailer’s potential internationally.

Peel Hunt analyst John Stevenson said: “We see supply chain improvements, new range introductions and a strong pipeline of UK and overseas space underpinning earnings growth, while the Regent Street flagship is a likely precursor to signing up a partner for Asian expansion.”

The broker, however, cut its top-end forecasts for this year and was next to come into line with the broader City view.

Stevenson said: “While we remain confident in the long-term development of Supergroup, and we believe there is scope for both margin outperformance and an acceleration in overseas expansion rates, we have cut our UK growth assumption in line with consensus following the fourth-quarter blip.”