Supergroup shares surge after cold winter snap boosts demand

 
Kasmira Jefford
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SUPERGROUP’S shares surged yesterday as the owner of the Superdry fashion label said sales had rebounded over Christmas, helped by the onset of the cold winter weather.

In a trading statement released ahead of plan, the retailer said like-for-like sales jumped 12.4 per cent in the 11 weeks to 10 January as customers snapped up warm layers such as knitwear and jackets.

Total retail sales grew by 17.8 per cent over the period.

The news brought relief to the City after the unseasonable warm autumn weather forced Supergroup to issue a profit warning in October, sending shares soaring 10.4 per cent yesterday.

“Our share price was getting a bit battered by people with different expectations and we could see our numbers were strong so we wanted to update the market sooner rather than later,” chief executive Euan Sutherland said.

He added that the company was on track to deliver full-year profits of £60m-£65m, despite one of its major wholesale clients, Bank, falling into administration.

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