SuperGroup shares opened 4.2 per cent higher this morning, after it reported a strong start to the year, with total revenues up 15.9 per cent, and both wholesale and retail divisions up by double-digits.
The business, which owns the SuperDry brand, recorded group revenues of £87m for the three months to July 26, up 15.9 per cent on the same period last year.
Its retail division grew 13.6 per cent to £60.4m, though with retail floor space increasing 13,000 sq ft in that time, like-for-like sales were down 3.7 per cent “against a very strong comparative of 8.5 per cent from the first quarter of last year”. The current quarter, which it is five weeks into, has seen an improvement in like-for-likes, the company said.
During the first quarter store openings included a large format store in Marseille and a smaller one in the Austrian Alpine resort Kitzbuhel, which comes ahead of the launch of a new skiwear range.
Wholesale increased at an even greater rate, up 21.6 per cent to £26.6m for the quarter. With the order book now closed for autumn 2014, SuperGroup said initial indications suggested orders had increased in line with expectations by 10 per cent, again compared with strong growth last year. This is the fourth consecutive season of double-digit growth, with overseas orders outperforming the more mature UK market.
Franchise stores opened in France, Spain, Portugal, Taiwan, the Philipines and Malaysia during the period.
Chief executive Julian Dunkerton said:
With our strong pipeline of new stores, particularly in mainland Europe, the continued evolution of the ranges and our improved infrastructure we remain confident that we have the platform to deliver profitable growth in the current year.
SuperGroup plans to open a further six stores in Germany, including a flagship in Munich, before the end of the calendar year.