Youth fashion retailer Supergroup has reported a UK retail sales rise of 19.7 per cent to £40.2 million in its first quarter, in financial results released today.
In the 13 weeks to July 29th 2012, UK like-for-like (LFL) sales increased 1.7 per cent while “UK revenues were resilient against a backdrop of unseasonal weather conditions and aggressive promotional activity on the high street,” a statement from the group said.
Meanwhile, total group sales for the period jumped 10 per cent to £59.7 million and Julian Dunkerton, Supergroup CEO said: ”The Retail division has produced a sound performance during the quarter against challenging comparatives and reflects the impact of improved retail practices.”
Opening two new stores in Sunderland and Windsor over the quarter, the group‘s UK portfolio now stands at 81 and a total of 22,000 sq ft of retail space has been added as a result.
Internationally, the retailer‘s portfolio of franchised stores has grown by 13 to 102 as it opened stores in Spain, Greece, France, Georgia, Saudi Arabia, Jordan, Venezuela and South Africa and the group also announced plans to extend its reach in the Middle East to Lebanon, Egypt, Qatar and Bahrain.
Last month, Supergroup announced the resignation of Co-Founder Theo Karpathios, who stood down from his position with immediate effect and thanked his team for “supporting my work building Superdry into an international brand.”
However, wholesale slumped 5.6 per cent compared to the same period last year as a result of differences in timing of stock despatches to UK and international partners and UK sales across the division are expected to decline further as more owned stores open.
Dunkerton added: “Whilst Wholesale revenues appear more challenging in the quarter, we are encouraged by the level of the order book for the full Autumn/Winter season.
“Trading conditions remain volatile and unpredictable, but SuperGroup has produced a pleasing performance and while we recognise that it is early in the year we are on-course to meet our financial objectives.”