17/Apr/2014 - Last News Update: 07:45

Superdry retailer Supergroup sees rapid sales growth

Category: Business

Published: 15th Dec 2010 08:18:29

Supergroup, the UK clothes retailer behind the Superdry brand, saw revenues rise 65% in the past six months, helping push profits to new highs.

The firm reported pre-tax profits of £14.6m ($9.3m) for the six months to October, up 86% from a year ago.

Supergroup's retail sales business saw rapid growth - up 72%, including a 140% rise in online sales.

The retailer continued to expand, increasing its store-count by 31% to 55, and its concessions by 23% to 69.

The new stores and concessions opened in the past six months include Harrods, the Lakeside shopping centre in Essex, and One New Change by St Paul's Cathedral - reflecting the diverse customer appeal of the company's brands.

Meanwhile, Supergroup continued an aggressive overseas expansion policy, according to its interim report, including new stores in South Korea, the United Arab Emirates and Venezuela, as well as new German- and French-language websites.

Its wholesale division - which sells Superdry branded groups to other retailers internationally - saw sales rise 56%.

"We are very pleased by the progress being made across the whole business, particularly with our recent Autumn/Winter range and the new store fit-out," said chief executive Julian Dunkerton.

The board decided not to commence paying a dividend, reflecting the fact that the company still considers itself very much a growth stock.

The company also noted for the first time its concern about the risk of rising global cotton prices - echoing fears expressed by fellow UK clothes retailers Next and Primark.

Source:
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BBC News, 2010. Superdry retailer Supergroup sees rapid sales growth [Online] (Updated 15th Dec 2010)
Available at: http://www.ukwirednews.com/news/115730/Superdry-retailer-Supergroup-sees-rapid-sales-growth [Accessed 17th Apr 2014]

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