Sep 11, 2012
SuperGroup sales rise in volatile market
Sep 11, 2012
LONDON - SuperGroup, the British company behind the Superdry fashion brand, posted a rise in first-quarter sales, though it said trading conditions remain "volatile and unpredictable".
"While we recognise that it is early in the year, we are on-course to meet our financial objectives," the firm, whose celebrity fans include David Beckham, Pippa Middleton, Ed Sheeran and Tulisa Contostavlos, said on Tuesday.
SuperGroup said total sales of its trademark T-shirts, hooded tops, check shirts and jogging bottoms rose 10 percent to 59.7 million pounds ($95.6 million) in the 13 weeks to July 29, its fiscal first quarter.
That compares to growth of 14.1 percent in the fourth quarter of the previous year.
Retail sales rose 19.7 percent with sales from stores open at least a year up 1.7 percent despite "a backdrop of unseasonal weather conditions and aggressive promotional activity on the high street."
Wholesale sales fell 5.6 percent, though the firm said the order book for autumn/winter 2012 showed an uplift of around 7 percent on last year.
SuperGroup was one of 2010's most successful stock market flotations. After listing at 500 pence its shares rocketed to a high of 1,899 pence in early 2011. But three profit warnings and a litany of management mistakes have led to a dramatic reverse.
Last month the firm's co-founder Theo Karpathios, who owns 14.8 percent of the stock, abruptly quit.
Shares in the firm closed Monday at 527.5 pence, valuing the business at 423 million pounds ($677 million).
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