SuperGroup overcomes weather impact
Superdry owner SuperGroup reported resilient UK sales in the face of unseasonal weather conditions and aggressive promotions on the high street.The group, which has 81 UK retail stores, said total sales in the 13 weeks to July 29 were up 20% at £40.2 million, while like-for-like sales rose by 1.7%.
The company, which was founded in Cheltenham in 1985 by chief executive Julian Dunkerton, said its sales of jackets, gilets and sweatshirts proved that the Superdry range offered a degree of protection against the weather.
Supergroup has endured a stormy period, in which its chief executive of wholesale and international stepped down, annual profits fell by 15% and it was forced to slow expansion plans.
Shares in SuperGroup opened 3% higher.
Matthew McEachran, retail sector analyst at Singer Capital, said: "The shares have performed well over the summer after the disappointment of the last 12-18 months and the new management team appears to be getting to grips with the business and looks to be instilling improved practices across key areas."
The group said it opened two standalone stores in Sunderland and Windsor during the quarter. In total, an extra 22,000 square feet of space has been added, including the opening of the top floor of its Regent Street store.
Elsewhere, wholesale sales for the 13-week period were £19.6 million, down 5.6% on the year, but the group said this reflects differences in timing of stock despatches to UK and international partners compared to last year. It said a more representative reflection of current performance is the order book for autumn/winter 2012, which shows an uplift of around 7% on last year for the season as a whole.
The group announced that it recently completed a five-year deal with Azadea, a franchise operator across the Middle East and North Africa, to open stores across Lebanon, Egypt, Qatar and Bahrain. The portfolio of franchised stores has increased by 13 during the quarter to 102 - six stores were opened in Spain and one in Greece, France, Georgia, Saudi Arabia, Jordan, Venezuela and South Africa.
Matthew McEachran, retail sector analyst at Singer Capital, said: "The shares have performed well over the summer after the disappointment of the last 12-18 months and the new management team appears to be getting to grips with the business and looks to be instilling improved practices across key areas."
The group said it opened two standalone stores in Sunderland and Windsor during the quarter. In total, an extra 22,000 square feet of space has been added, including the opening of the top floor of its Regent Street store.
Elsewhere, wholesale sales for the 13-week period were £19.6 million, down 5.6% on the year, but the group said this reflects differences in timing of stock despatches to UK and international partners compared to last year. It said a more representative reflection of current performance is the order book for autumn/winter 2012, which shows an uplift of around 7% on last year for the season as a whole.
The group announced that it recently completed a five-year deal with Azadea, a franchise operator across the Middle East and North Africa, to open stores across Lebanon, Egypt, Qatar and Bahrain. The portfolio of franchised stores has increased by 13 during the quarter to 102 - six stores were opened in Spain and one in Greece, France, Georgia, Saudi Arabia, Jordan, Venezuela and South Africa.
© 2013 Press Association