Superdry Christmas sales boost
The owner of the Superdry fashion label put previous stock issues behind it yesterday as the retailer reported strong sales in the run up to Christmas.
Shares in SuperGroup increased after it revealed like-for-like retail sales were ahead 5.8% in the nine weeks to January 1 and up 9.3% in December.
The group, which owns 72 Cult and Superdry stores and 74 concessions in the UK, was forced to open temporary warehousing after a new system suffered teething problems, leaving many stores with incorrect stock and incomplete size ranges on key products.
The Cheltenham-based firm, whose shares slumped by more than a quarter in October after it revealed the stock supply issues, saw total group sales, which include its wholesale business, increase 22% over the holiday period to £79m.
Chief executive Julian Dunkerton said the company had delivered "solid" sales against a challenging economic backdrop, distribution issues and strong Christmas sales in the previous year.
SuperGroup last month warned its warehouse system blunder would cost the firm nearly £9m.