Supergroup posts robust sales growth

Kasmira Jefford
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SUPERGROUP, the company behind Superdry fashion label, has reported robust trading during the Christmas period as it held off from discounting its clothing and put warehousing problems firmly behind it.

The group, which has expanded to 70 stores in the UK including a new store opening on Regent Street, said like-for-like sales increased by 5.8 per cent in the nine weeks to 1 January. Total sales rose 22 per cent to £79m.

Wholesale takings were down four per cent at £13m, which the firm said was due to the different phasing of supplier deliveries.

“We are pleased to report a solid Christmas period when set against the difficult economic climate, our own distribution issues in the autumn and our exceptionally strong Christmas sales last year,” chief executive Julian Dunkerton said,

The retailer, which began on a market stall in Cheltenham 20 years ago, was one of 2010’s most successful stock market flotations. Its shares reached a peak of £18 in February last year but then saw most of the gains wiped off after troubles with its warehousing system.

The company is on track open 20 new UK stores and 50 international stores by April 2012 and is in talks over deals to enter India and China.

Shares closed down 0.73 per cent at 547p yesterday after rising as much as 6.6 per cent earlier in the day.