Supergroup has reported its growth slowed in its fourth quarter as it opened fewer stores and did not get its summer stock quickly enough into shops for the warm weather.
For the fourth quarter to May 1, total sales were up 61% to £66m, compares with sales up 87% in the previous quarter. Retail sales were up 39% to £32m.
Supergroup, which operates the Superdry and Cult Clothing brands, said the group’s roll out continues as planned, with 21 UK standalone stores opened in the year, including three resites, taking the total to 60. However, it said only one store opened in the fourth quarter compared with six in the fourth quarter of 2010.
The fashion retailer also said it did not get the full range of summer stock to stores early enough in view of the unseasonably warm weather. It said this issue has been addressed.
For the year ending May 1, group sales were up 71% to £238m, and retail sales up 71% to £147m.
Supergroup said internet sales have continued to grow rapidly and expanded with the introduction of several foreign language sites. Sales increased in the quarter by over 180%.
Supergroup said it continues with its expansion plans, with further openings across Europe, Asia and the Middle East.
Chief executive Julian Dunkerton said: “We have had an excellent year both financially and in terms of our development, particularly overseas where we opened 44 stores and Supergroup now has a strong platform for an accelerated roll out. We have a strategy that will continue to deliver sustained growth both in the UK and overseas.”
Sanjay Vidyarthi, analyst at Espirito Santo, said: “Supergroup’s Q4 IMS was in line overall, but retail sales were weaker than expected and we think there are some deeper issues starting to emerge here regarding the UK growth profile.”
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