UK: SuperGroup back on track as FY profits double
- FY pre-tax profits soared 110% to GBP47.3m
- Underlying profit before tax up 89% to GBP50.2m
- Revenue rose 71% to GBP237.9m
Fast-growing UK fashion retailer Supergroup Plc, owner of the Superdry youth clothing brand, is accelerating its European roll-out after more than doubling profits in the first year since its stock market flotation.
The company today (13 July) said pre-tax profits in the 12 months to 1 May soared 110% to GBP47.3m (US$75.4m), up from GBP22.5m the year before. Revenue rose 71% to GBP237.9m, compared with GBP139.4 last time.
"We have had a successful year, delivering strong financial results in a challenging retail environment and have made significant progress across a number of key areas," said chief executive Julian Dunkerton.
"Our international franchise operation goes from strength to strength and following our acquisition of SuperGroup Europe BVBA in February, we are accelerating our European roll-out.
"Our UK store roll-out is firmly on track with the addition of a number of prime locations, including one of London's most iconic and prestigious stores in Regent Street.
"We remain confident in our strategy and in the ongoing potential for the Superdry brand, both at home and internationally."
The company, which operates 60 UK stores and 80 international franchise and licensed stores, sells its products in 40 countries and generates 60% of its revenue from overseas.
It says its business is now back "on track" after sales growth slowed in its fourth quarter.
"We see the potential for a year of further growth for the Superdry brand and our business," the company said, noting that retail sales in the first ten weeks of its new financial year were up 48% while wholesale sales had risen 75% - putting the group 56% ahead of the same period last year.
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