Supergroup Q1 sales rise

Supergroup, owner of the Superdry fashion brand, said total group sales increased 10 per cent in the first quarter, and while trading conditions remain volatile, it is confident of meeting its financial objectives.

Total sales covering the 13-week period to 29th July 2012 rose to £59.7m. In its retail division, total UK sales rose 19.7 per cent in the quarter to £40.2m compared to the same period last year. Like-for-like sales climbed 1.7%.

"UK revenues were resilient against a backdrop of unseasonal weather conditions and aggressive promotional activity on the high street. Solid sales performances from jackets, gilets and sweatshirts demonstrated that the broad assortment carried by Superdry stores offers a degree of protection against the adverse weather," the group said in a company statement.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Supergroup, which also owns Cult brands, said it was encouraged by the wholesale order book for the full Autumn/Winter season.

Wholesale sales for the 13-week period fell 5.6% to £19.6m on the year, after differences in timing of stock despatches to UK and international partners compared to last year, it said.

Chief Executive Officer Julian Dunkerton commented: "The Retail division has produced a sound performance during the quarter against challenging comparatives and reflects the impact of improved retail practices. Whilst Wholesale revenues appear more challenging in the quarter, we are encouraged by the level of the order book for the full Autumn/Winter season."

"Trading conditions remain volatile and unpredictable, but SuperGroup has produced a pleasing performance and while we recognise that it is early in the year we are on-course to meet our financial objectives."

CJ