SuperGroup sales boosted by weaker pound
SuperGroup, the owner of the Superdry brand, has reported a 27.2% increase in full year group revenue as the company continues to benefit from the weak pound.
In the year to 29 April, revenue grew to £750.6 million while retail like-for-like sales climbed by 12.7%.
In a statement, SuperGroup said the impact of currency changes accounted for approximately one third of the reported growth in each of its sales channels.
Wholesale revenue maintained the levels of growth delivered in the first half of the year, growing on a full year basis by 42.9%.
SuperGroup ended the financial year with 555 Superdry branded store locations after opening 26 new stores in the fourth quarter.
The company said its development markets of North America and China have performed in line with expectations.
Euan Sutherland, SuperGroup chief executive, said: “We remain focused on the consistent execution of the strategy outlined in early 2015. This global multi-channel growth strategy balances opening stores, developing new wholesale partners and driving our strong e-commerce proposition to expand the reach of the brand and further diversify our business model.
“FY17 has seen another good year of sales and profit growth. This has been achieved by improving our product ranges and introducing new categories to excite, inspire and maintain the brand’s relevance while, in parallel, investing in our development markets and improving our infrastructure.
“With a clear strategy and a number of long term opportunities to establish Superdry as a global lifestyle brand we remain confident in the continued delivery of sustainable revenue and profit growth.”
SuperGroup anticipates that full year profit will be in the range of £86 million to £87 million.
