Clothing firm SuperGroup enjoyed a “solid” Christmas as sales of its fashionable jackets and knitwear kept it on course to hit its profit target of nearly £50 million for the financial year.
The owner of the SuperDry fashion label said accessories designed to be bought as gifts were another good performer, helping retail sales grow 10.6 per cent on a like-for-like basis in the 13 weeks to 27 January. Total group sales for the quarter have increased by 12.3 per cent to £115.1m, while the firm said its margins had improved and its latest clothing range had been well received.
Supergroup was forced to scale back expansion plans last year and issued a profit warning in April, but Seymour Pierce analyst Freddie George said yesterday’s update should represent a turning point in the company’s fortunes.
He said: “After a year of consolidation, the company has established a platform in terms of infrastructure and management to push ahead in developing the brand on a multi-channel and overseas basis.”