Clothing retailer Supergroup saw retail sales leap 51 per cent year-on-year to £34 million in the three months ending July 31st, according to an interim management statement published this morning.
The owner of youth fashion brands Superdry and Cult reported annual growth in all business divisions, including a 98 per cent leap in wholesale trading, resulting in total group sales rising 66 per cent to £54 million for the period.
An impressive start to the 2011/12 fiscal year comes after the company posted profits of around £50 million for the previous 12 months, in the year of its IPO on the London stock market.
Supergroup has continued to grow despite concerns over the ubiquity of its brands and problems with its distribution in the spring, which meant the business was late to get summer fashion lines into stores.
The retailer’s annual report, published in August, stated that it is investing considerably in both its design team and supply chain operations which should help it maintain its position as one of the UK retail success stories of recent times.
Today’s statement also revealed that its UK roll-out is on track, with two standalone stores opening in the quarter to bring the total number of Supergroup-run UK shops to 62.
It also completed a small extension to its London Covent Garden outlet, and plans are in place to accelerate the store opening programme in the build-up to Christmas having already opened a further two shops since the end of July.
Julian Dunkerton, CEO of Supergroup, commented: “We see continued growth across our business - in the UK, overseas and via our internet platform.
“Our domestic and international roll-outs are on track and we remain excited about the group’s future prospects.
“We are nevertheless operating in a difficult retail market which reflects the macro economic environment.”