Superdry reassures the market over festive trading

SuperGroup – famous for its hoodie tops and T-shirts – saw shares bounce back ​after the 13.5​ per cent​ plunge seen on Tuesday after a broker said unseasonably warm weather and increased competition had seen the retailer launch unplanned promotions to shift stock.

The clothing retailer, which has recently teamed up with Luther and The Wire actor Idris Elba, said underlying profits rose to £19.3​m in the six months to October 24, up from £12.5​m a year earlier.

On a bottom line basis, profits fell by a third to £11.5​m due in part to start-up losses of its new North American business.

​Chief executive Euan Sutherland​,​ the former boss at the Co-op, who took the top job in October last year​,​ hailed a robust first half.

He said: “With a successful first half completed, the business is well placed for the significant peak trading period.”

​​Liberum, which sparked SuperGroup’s share price falls on Tuesday, said the interim results were strong, but noted that the second half drives 75​ per cent​ of full-year profit so there is little room for error.