Fashion firm posts jump in profits
SUPERDRY fashion firm Supergroup reported a 68 per cent surge in half-year profits today but warned rising raw material prices could hit earnings next year.
The group, which now has 55 stand-alone stores and 69 concessions, posted underlying pre-tax profits of 13.5m in the six months to October 31, as retail sales leapt 70 per cent to 54.5m.
While the Christmas season has started well and the spring/summer order book at its wholesale division is looking strong, Supergroup is still cautious over its outlook in the face of rising costs, such as cotton, which recently hit 15-year-highs.
Supergroup, which operates from Superdry and Cult stores, joins retailers such as Next and Primark-owner Associated British Foods in raising fears over escalating commodity prices.