Superdry owner's sales boosted by plunge in sterling
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In a trading update, SuperGroup said retail revenues jumped 25 per cent to £215.2 million in the six months to 29 October, up from £172m a year ago.
The group said that revenues “benefited from sterling’s weakness, with the impact of currency changes accounting for approximately one third of the reported growth in each of the group’s operating divisions”.
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Hide AdScots-born chief executive Euan Sutherland, the former Co-operative Group boss, hailed 12.8 per cent like-for-like sales growth “particularly when set against last year’s strong first half trading”, when same-floorspace sales had risen 17.2 per cent.
“The long-term opportunity for the brand is underpinned by continued investment in infrastructure and our multi-channel strategy that combines the ongoing development of our e-commerce platform with a disciplined approach to new space growth”, he said.
“Our ongoing diversification across geography, channel and category, reduces the group’s reliance on any individual market and provides further confidence in the group’s future prospects as we develop our global lifestyle brand.”
Wholesale revenues leapt 43.8 per cent to £118.8m in the period, although SuperGroup said gross profit margins would drop 1.3 per cent due to that division’s “relatively lower” financial returns.