SuperGroup maintains sales momentum
10 February 2011 09:38
Superdry fashion firm SuperGroup posted another stellar performance today as it revealed its sales continued to soar in January.
The group, which targets the youth fashion market and operates 59 standalone outlets as well as 70 concessions, said UK retail sales increased 91.8% on a year ago to £61.4 million in the three months to January 30th.
The sales growth in January has barely slowed since the last time the group updated the market to report its best ever Christmas.
Freddie George, a retail analyst at broker Seymour Pierce, described the update as "another set of superlative quarterly figures" and increased his profits estimate for the year to the end of April by 3% to £48.5 million.
He added: "Sales in the quarter to the end of January show that the Superdry brand through January remains very much on trend and shows no sign of losing its universal appeal."
SuperGroup, whose clothes have been worn by celebrities such as David Beckham and Leonardo DiCaprio, opened six new stores in the quarter at key locations including London's Westfield Centre and the Trafford Centre in Manchester.
It also relocated a store in Glasgow to a new site at the St Enoch Centre in the city and opened its first concession in Harrods.
Total group sales were up 86.9% in the period, as the company expands overseas.
The wholesale division opened a further 15 franchise stores in the period, including five in Australia and others in the US, France, Italy, South Korea and Venezuela, bringing the total to 69.
It plans to open further stores in Holland, France, Italy, Switzerland, the US, the Middle East and the Far East before May.
Last week it bought its wholesale partner and biggest franchisee CNC Collections in a deal worth 40 million euros (£33.8 million), allowing it to speed up the opening of new outlets in France, Holland, Belgium and Luxembourg.
Chief executive Julian Dunkerton said the results and continued store expansion demonstrated the "continued global potential of our brand."
SuperGroup's brands include Superdry and Cult shops, and so-called 'incubator brands' SurfCo California and 77Breed.
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