• H1 underlying net profit up 21.8% to GBP17.9m
  • Group revenue confirmed up 21.4% to GBP192.1m
  • CEO highlights growth in women's wear
Group revenue was up 21.4% during the first half

Group revenue was up 21.4% during the first half

SuperGroup, the owner of the Superdry retail apparel brand, recorded another half of surging profits, revenues and margins in the six months to 27 October.

Group revenue was up 21.4%, confirming second quarter figures released a month ago, while gross margin grew by 50 basis points to 56.8%.

Reported net profit - which was impacted by infrastructure investments - declined 28.8% to GBP9.9m (US$16.2m), but was up 21.8% on an underlying basis.

Meanwhile, retail revenue grew by 19.3%, like-for-like sales increased by 8.1% and full-price internet sales were up 29.3%, fuelled by strong performances in key European markets.

Wholesale revenues rose 25%, with improved women's wear ranges highlighted as supporting growth.

"In a year that the group is focusing on significant infrastructure investment, our trading momentum has continued, with strong increases in revenue and underlying profit giving us confidence for the future," said SuperGroup CEO Julian Dunkerton.

"The product developments across the two most recent seasons, in particular in women's wear, have helped to deliver like-for-like growth.

"I am also pleased to report that the spring/summer 2014 order book is showing growth of circa 26%, demonstrating the continuing momentum in the wholesale business."

Investec analyst Kate Calvert reiterated her "buy" recommendation, saying the results were marginally ahead of expectations thanks to strong momentum in the retail and wholesale businesses.

"The infrastructure investment and opening programme are on track," she added.
"We see SuperGroup's long-term growth potential as more than justifying a premium valuation."