Summer stock blues for SuperGroup

SuperGroup did not get its full range of summer stock into its stores in time to catch the recent hot spell. It also only opened one new store in the past quarter compared with six this time last year. The group, best known for its Superdry and SurfCo California brands, still increased sales by 61 per cent to £66m in the quarter to May 1, but this is well below the 87 per cent seen in the previous three months. Shares slumped by as much as 20 per cent yesterday.

Wholesale sales grew by 89 per cent to £34m, but retail growth dropped to 39 per cent at £32m, compared to a 92 per cent rise in the three months to January.

SuperGroup opened 65 new stores worldwide during the year and for the 12 months to May total sales rose to £238m from £139m.

Chief executive Julian Dunkerton said the supply issues have been addressed and the group is ready for an accelerated roll-out of the franchise both in the UK and overseas.