Superdry owner SuperGroup has enjoyed an increase in its full year revenues. The British fashion retailer saw its total profits rise by 21.1% to £589.5m as it focuses on product innovation and international expansion.
SuperGroup’s retail sector grew by 24.5% as like-for-like sales rose steadily by 11.3 in year ending April 23. The Group predicts underlying pre-tax profits for the year to be between £72.5m and £74m.
Wholesale revenue increased 13.7% year-on-year as a result of a strong second half.
SuperGroup noted that its developments in China and North America are in line with its plans and, initial losses have been accounted for. As a result of its continued expansion into global markets, the retail business will be opening two new distribution centres in 2016 to keep up with growing demand across Europe and North America.
“The group has traded robustly throughout the final quarter as we continue to deliver our strategy to create a global lifestyle brand. We have opened 24 net new stores across our targeted European markets and have a strong pipeline of new stores for the new financial year” said Euan Sutherland, SuperGroup Chief Executive.
“Our focus remains on the extension of the Superdry brand and execution of clear growth opportunities, under-pinned by continued investment in infrastructure to strengthen our business.”
SuperGroup’s results come with the announcement that James Holden, the company’s Brand and Design Director will be departing from his current role to take on a leading design furn SuperDesign Lab.