Superdry's 'disappointing' sales send shares spinning

SHARES in fashion retailer SuperGroup took another hit yesterday despite a trading update highlighting a "marked improvement" in trading over the past three weeks.

Even news from the owner of the popular Superdry brand that it was opening a new flagship London store on Regent Street and sticking by its expansion plans failed to stop the shares closing down 37p at 863p.

This came after more than a fifth had been recently wiped off SuperGroup's shares when it revealed disappointing quarterly sales to 1 May.

Analysts noted yesterday that the group, whose brands are popular with celebrities like David Beckham and Leonardo DiCaprio, still only managed overall sales growth "at approximately the same level" as the disappointing Q4.

SuperGroup, which has 61 standalone stores in the UK and 70 concessions, said it was still targeting 20 store openings a year, and an upper target of 150 standalone shops.