Supergroup shares fit just right

The Superdry clothing range has proved a major hit, as profits more than doubled to £47.3m

Supergroup, the fast-growing fashion retailer, unveiled an impressive set of vital financial statistics yesterday prompting a flurry of "buy" advice from the City.

The firm, whose Superdry clothes are a favourite of celebrities such as Leonardo DiCaprio, said pre-tax profits in the year to 1 May jumped 110 per cent to 47.3 million, while revenues came in 71 per cent higher at 238m.

In the first ten weeks of its current year, overall sales were up 56 per cent, with the retail arm comprising 60 outlets in the UK and Ireland and its internet business posting a 48 per cent increase. The group's sparkling start to life on the stock market came to a halt in May when it revealed a slowdown in its rate of sales growth. Broker reaction to yesterday's numbers was positive with Peel Hunt, Numis and Seymour Pierce issuing "buy" notes.

But Numis added: "We remain concerned that we can find no precedent for a UK brand successfully combining longevity with selling overtly branded fashion to the mass market."