Sunday, April 5, 2020

Superdry reports major profit rise from pound slump


Superdry‘s owner SuperGroup has posted huge boosts in profits across all of its divisions.

In the six months to October 29 the company reported a 31.1 per cent growth in revenue and total retail sales went up by a quarter.

Its wholesale division skyrocketed by 43.8 per cent following continued investment and its half-year profits totaled over £20 million.

The retailer stated that the sterling‘s devaluation had accounted for one third growth in each sector. 

This is reflected in its strong international growth, reporting “good progress” in its Chinese and North American markets that saw stores open in Manhattan, Philadelphia and Orlando, as well as 12 other new stores all outside the UK.

READ MORE: Superdry eyes expansion in India

It added 19 per cent to its international retail space in the period, which reportedly contributed 15 per cent to its revenues.

“This is another good performance, particularly when set against last year‘s strong first half trading,” chief executive Euan Sutherland said.

“Our new product ranges continue to perform well and during the second quarter our continuity ranges provided trading resilience when the weather across Europe was unseasonably warm.

“Our ongoing diversification across geography, channel and category, reduces the group‘s reliance on any individual market and provides further confidence in the Group‘s future prospects as we develop our global lifestyle brand.”

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