Fashion retailer Supergroup has reported an impressive trading performance for the Christmas period, with retail, wholesale and internet sales growing significantly in the nine weeks to January 2nd 2011.
Since floating on the London Stock Exchange last March the business has gone from strength to strength, and the festive period saw retail sales grow 93.6 per cent year-on-year.
The internet has played a key part in the retailer’s success, with online trading up a huge 243.3 per cent on last year, while wholesale sales grew 77.8 per cent over the same period.
Julian Dunkerton, CEO of the company which boasts youth clothing brands such as Superdry and Cult, called the results “excellent” and explained that the business is well positioned to deliver profits “towards the upper end of market expectations”.
“This performance demonstrates the strength of our brand and the loyalty of our customers,” he said.
“I am also pleased to confirm that as a result of renegotiations with our suppliers and selected price increases we have largely mitigated the rise in cotton prices and there will be no impact to our 2011 gross margins, and we anticipate a reduction of no more than 200 basis points to our gross margins in 2012.
“We will clearly continue our efforts to reduce this impact with our supply base and look forward to the future with confidence.”