Superdry reports double-digit profit rise despite “challenging” high street conditions

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Superdry has reported “another good year of brand and revenue profit growth” amid its full year results despite battling a “challenging” high street environment.

For the 12 months to April 28, the fashion retailer saw global brand revenue jump 22.1 per cent to £1.6 billion, thanks to a 29.6 per cent boost in its wholesale channel and a 25.8 per cent rise in online sales.

Underlying pre-tax profits for the same period is expected to see a double-digit rise and come in between £96.5 million and £97.5 million.

Despite store sales growth rising a more modest 3.4 per cent, Superdry expanded its retail square footage by 14.8 per cent, and entered eight new markets through its wholesale channel.

“We benefit from a clear brand positioning, an agile infrastructure that serves our global consumers through a truly multi-channel proposition and increasing operational excellence,” chief executive Euan Sutherland said.

“While the consumer environment remains challenging, we are confident that Superdry’s reputation for quality, design detail and strong value for money, underpinned by our continued investment in the business, leaves us well placed.

“We remain focused on the growth opportunities ahead and confident in the quality of sustainable earnings growth we can deliver over the long-term.”

For the year ahead, Superdry expects “high single-digit statutory revenue growth” slowing from this previous period as it continues to manage challenging store conditions.

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