Superdry expands as 'robust trading' keeps it on track
The owner of the Superdry brand hailed its "robust" trading as a surge in quarterly sales kept it on track to meet annual profit targets.
Cheltenham-based SuperGroup said like-for-like sales jumped 11.6% in the 15 weeks to April 25 compared with a year ago, after a strong performance at its stores and following clearance activity in the previous quarter.
The firm, which is launching a fashion collection with actor Idris Elba, said in a trading update it grew its retail space by 13% over the year by adding 24 new stores internationally. It also opened 29 franchise stores during the period.
The operator of 96 stores and 64 concessions in the UK said annual sales grew 12.5% to £484.7m in the year to April, adding that it expects its underlying profit will meet City forecasts of between £60m and £65m.
Shares jumped almost 7% yesterday but are down by over a third on their high in March last year.
SuperGroup chief executive Euan Sutherland said the firm "traded robustly" in its final quarter.