The parent company of fashion retailer Superdry is celebrating not just because of growth in sales and profits in its first half, but also because of a bumper festive trading season.
SuperGroup recorded a 20.6 per cent spike in retail revenues to £162.1 million and 14.9 per cent like-for-like growth in the 10 weeks to January 7, with the sterling’s weakness and the opening of nine new stores driving growth.
Meanwhile, for the company’s results for the half-year period ending October 29 indicated a 31.1 per cent leap in group revenues to £334 million.
Underlying pre-tax profits also went up by 8.8 per cent to £21 million, while retail revenues surged by 25 per cent to £215.2 million over that same half-year period.
However, while retail like-for-like sales were up by 12.8 per cent, this is slightly lower than the 17.2 per cent growth recorded in same half-year period in the previous year.
SuperGroup said “favourable currency movements”, including the drop in the value of the pound since the EU referendum, accounted for about one third of the retailer’s revenue growth.
Chief executive Euan Sutherland said the board was confident of delivering full-year pre-tax profits in line with forecasts.
“The first half-year has seen further good progress, with a strong sales performance in all channels, particularly wholesale,” he said.
“This converted to profitable growth after continued investment in both expanded distribution capability and in our development markets.
“Our focused strategy continues to deliver with new product innovations building sales, a strong pipeline of new international store opportunities, both owned and via franchise relationships, and clear momentum in our e-commerce proposition.”