Multichannel retailer SuperGroup today unveiled double-digit growth in the first quarter of its financial year.
The fashion retailer, which sells online through Superdry.com as well as 20 market-specific international websites, through stores and through wholesale, said total sales had grown £87m in the three months to July 26, up by 15.9% compared to the same period last year. At the same time retail sales grew by 13.6% to £60.4m, and wholesale by 21.6% to £26.6m. Like-for-like sales, however, were down by 3.7% compared to a “very strong comparative” from last year and as a result of issues including shortages of some spring/summer lines.
The company continued to open more overseas franchise stores in its strategy of international expansion, adding a net 13,000 sq ft through openings in France, Spain, Portugal, Taiwan, The Philippines and Malaysia. Six more stores are due to open in Germany this year.
Julian Dunkerton, chief executive, said: “The order book for autumn/winter 2014/15 is in line with our expectations and continues to demonstrate the global appeal of the brand. With our strong pipeline of new stores, particularly in mainland Europe, the continued evolution of the ranges and our improved infrastructure we remain confident that we have the platform to deliver profitable growth in the current year.”
In the first 18 weeks of the year, up to August 30, like-for-like sales were down by 1%. Looking ahead, SuperDry said full-year profits were likely to be in line with analyst estimates of between £67.1m and £72.3m.
