SuperGroup bucks high street gloom

YOUTH fashion retailer SuperGroup expects to buck the high street gloom and achieve a solid Christmas after recording strong summer sales.

The fast-growing firm, whose SuperDry clothes are worn by David Beckham and Leonardo DiCaprio, reported a 66 per cent rise in sales to £54m in the 13 weeks to 31 July.

The group, which listed 18 months ago, aims to win back investor confidence after its shares fell by more than a third over the last six months.

Julian Dunkerton, chief executive, told City A.M. that its customers had spent heavily on jackets, knitwear and accessories in the first-quarter.

“We are getting better at what we do. The brand is getting stronger.”

First-quarter retail sales of the firm’s trademark T-shirts, hooded tops, check shirts and jogging bottoms rose 51 per cent to £34m and wholesale sales jumped 98 per cent to £21m thanks to overseas demand.

The firm said it is on track for its roll-out plans both in the UK, where it now has over 60 stores, and globally.

Retailers have been hit by the high street slowdown but Dunkerton said his customers – seen as young and fashion conscious – still had money to spend.

“We just keep our heads down and carry on doing what we do. We are quite confident that Christmas is going to be fine…. We are nevertheless operating in a difficult retail market which reflects the macro economic environment.”

Shares closed up 6.97 per cent at £10.59 yesterday.