Surge in sales helps SuperGroup to stay on track to hit annual profits target

Have your say

The owner of the Superdry brand hailed its “robust” trading yesterday day as a surge in quarterly sales kept it on track to meet annual profit targets.

Cheltenham-based SuperGroup said like-for-like sales jumped 11.6 per cent in the 15 weeks to April 25 compared with a year ago, after a strong performance at its stores and following clearance activity in the previous quarter.

The firm, which is launching a fashion collection with actor Idris Elba, said in a trading update it grew its retail space by 13 per cent over the year by adding 24 new stores internationally. It also opened 29 franchise stores during the period.

The operator of 96 stores and 64 concessions in the UK said annual sales grew 12.5 per cent to £484.7m in the year to April, adding that it expects its underlying profit will meet City forecasts of between £60m and £65m. Shares jumped almost 7 per cent but are down by over a third on their high in March last year.

SuperGroup chief executive Euan Sutherland said the firm “traded robustly” in its final quarter.

He added: “A strong pipeline of new stores in our targeted European markets, e-commerce momentum, the acquisition to take control of our brand in North America and the opportunity to increase awareness through our global collaboration with Idris Elba provide confidence for continued growth.”

The business saw half-profits fall by nearly a third in December.

SuperGroup has since announced it will buy out its US partner SDUSA for £22.3m, ending a 30-year licence agreement signed in 2008.

The group also said Mr Elba, who is best known for his roles in detective series Luther and The Wire in the US, will design the range with founder and brand and design director James Holder and will also be the face of the line. The fashion collaboration with Mr Elba will be ready in time for this year’s Autumn/Winter collections.