SHARES in Supergroup surged 7.4 per cent yesterday after the owner of the Superdry fashion brand posted a strong finish to the year and said it was still on track to meet its profit forecasts.
The retailer said group sales rose by 18.4 per cent to £134.8m in the 15 weeks to 25 April. Like-for-like sales were up 11.6 per cent – its second quarter of double-digit growth after an 12.4 per cent rise over Christmas.
A second strong quarter gave investors a reason to cheer yesterday and comes after the unseasonable warm autumn weather forced Supergroup to issue a profit warning in October.
“With a successful final quarter completed, the group’s expected underlying profit outcome the year remains in line with previous guidance at between £60m and £65m,” chief executive Euan Sutherland said.
Supergroup is undergoing an ambitious expansion programme and has opened a net 24 new stores and 29 franchises this year in the US, the UK and Europe. It has also teamed up with Luther star Idris Elba, who will collaborate on designing a premium fashion range for Supergroup.