Thursday, February 21, 2019

Supergroup hires former Tesco exec


SuperGroup has reported a 22% first-half sales jump, ahead of preparations for the key festive season.

The parent company of fashion retailer Superdry label had 192 stores globally at the end of the second quarter, up from 151 outlets at the same time last year.

The preppy fashion retailer‘s stores are notably getting larger, with the average size increasing from 659sq ft a year ago to 805sq ft.

In a trading update this morning, the company said retail revenues rose 30.9% to £172.6m in the 26 weeks to October 24, helped by new stores.

SuperGroup‘s wholesale division continued to perform relatively well over the period, as did sales online.

Supergroup has also announced the appointment of former Tesco executive Nick Tatum as global retail director, who will oversee retail operations and logistics. The new hire strengthens the senior management team after it parted ways with the Finance Director and COO in February.

“To support our vision of building Superdry into a global lifestyle brand, we have further improved our infrastructure and developed our product offering, including womenswear, Superdry Sport and Superdry Snow,” said Euan Sutherland, SuperGroup Chief Exec.

“With a successful first half completed, the business is well placed for the all-important peak season and we remain confident of delivering full-year profits in line with our existing guidance although comparatives throughout the second half are more challenging.”