Interim Management Statement

RNS Number : 4408G

SuperGroup PLC

12 May 2011

 



SuperGroup Plc

Interim Management Statement 

SuperGroup Plc ('SuperGroup' or 'The Group'), owner of the Superdry brand and one of the fastest growing international retailers and wholesalers of youth clothing, today provides a quarterly trading statement for the three months to 1 May 2011 and an update on the year as a whole.

Group sales for the year ending 1 May 2011:

Total sales up 71% to £238 million (2010: £139 million);

Wholesale sales up 71% to £91 million (2010: £53 million);

Retail sales up 71% to £147 million (2010: £86 million).

Group sales for Q4 ending 1 May 2011:

Total sales up 61% to £66 million (2010: £41 million);

Wholesale sales up 89% to £34 million (2010:  £18 million);

Retail sales up 39% to £32 million (2010: £23 million).

FY11 has been a very successful year for the Group with an increased market presence in the UK and internationally.  Both Retail and Wholesale sales increased by 71%.  Profit before tax* for the full year, to be reported in July, is still anticipated to be within the range of current market expectations. 

Wholesale sales increased by 89% in the quarter, demonstrating the continued and further potential for international growth. 44 international stores began trading this year with the roll out strengthened by the Group's acquisition of SuperGroup Europe in February, previously CNC Collections BVBA.  The Group now has a retail presence in 22 countries worldwide and SuperGroup Europe is performing to plan.

SuperGroup is pleased with the underlying growth trends in Retail and reports another strong period of growth for the division. Two factors influenced the reported growth rate in Q4.

Firstly, the Group's store roll out continues as planned, with 21 UK standalone stores opened in the year, including three resites, bringing the total to 60. Only one store opened in Q4 FY11 compared with six in Q4 FY10. As SuperGroup grows its retail estate some quarters will inevitably see comparatively more stores opening than others as a natural consequence of phasing.  Secondly, the Group did not get the full range of summer stock out to stores quickly enough in view of the unseasonably warm weather experienced in early Spring. This issue has been addressed.

SuperGroup's Internet operation continues to grow rapidly and has been expanded with the successful introduction of a number of foreign language sites.  Reported sales increased in the quarter by over 180% and more than doubled over the year.

Looking forward, SuperGroup has a number of exciting developments internationally with further openings across Europe, Asia and the Middle East.  Our strategy and prospects remain on track.

Julian Dunkerton, Chief Executive Officer, commented:

'We have had an excellent year both financially and in terms of our development, particularly overseas where we opened 44 stores and SuperGroup now has a strong platform for an accelerated roll out.  We have a strategy that will continue to deliver sustained growth both in the UK and overseas.'

12  May 2011

* Stated before exceptional items, the impact of financial derivatives and the prior years' effect of including freight and duty costs into inventory. 

For further information:

SuperGroup	Tel: [phone]
Matthew Barnett
College Hill	Tel: [phone]
Matthew Smallwood
Justine Warren

 

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