Friday, February 22, 2019

SuperGroup records a stylish sales increase for Q4


SuperGroup, the British parent company of the Superdry fashion brand, has posted another strong sales rise in its fourth quarter and reiterated guidance on full-year profit.

The Cheltenham based company said this morning that like-for-like sales in the 15 weeks to April 25 rose 11.6%, highlighting the Group‘s second consecutive double-digit increase after growth of 12.4% in its Christmas third quarter.

“With a successful final quarter completed, the group’s expected underlying profit outcome remains in line with previous guidance at between £60m and £65m” said Chief Executive Euan Sutherland.

Sutherland, formerly of the Co-op group, took over as boss in October and last month revealed a proposed makeover for the fashion brand. The plan includes a move to take ownership of its US business by buying back exclusive rights in North America for over $20m. Supergroup is also in collaboration with The Wire actor Idris Elba, who will design a premium line of clothing, due to hit stores towards the end of this year.

The company, which posted a profit of £62m in 2013/14, is placing emphasis on online and international expansion to support growth. According to the Group, there is a strong pipeline of new stores in European markets.

Sutherland said this morning that he still expects the company to report underlying profit for 2015 between £60m and £65m and added that the focus remains on the creation of a lifestyle brand.

“A strong pipeline of new stores in our targeted European markets, e-commerce momentum, the acquisition to take control of our brand in North America and the opportunity to increase awareness through our global collaboration with Idris Elba provide confidence for continued growth,” said the CEO.