Trend-bucking sales increase at SuperGroup

RETAILER SuperGroup yesterday posted a 10 per cent rise in sales, bucking the downward trend on the UK high street.

Sales across the group, which owns the Superdry fashion brand, were up to £59.7m in the quarter to 29 July, despite an unseasonably wet summer.

Total UK sales over the first quarter were £40.2m, a 19.7 per cent increase on last year, in the face of “volatile and unpredictable” trading conditions, it said.

The solid growth, though slower than in previous quarters, is a relief for SuperGroup. The firm lost a third of its market value in April after issuing its third profit warning in a year.

The 81-strong chain, which opened new stores in Sunderland and Windsor over the period, said like-for-like sales at retail stores open at least a year were up 1.7 per cent.

It reported robust sales of outdoor clothing over the period, including gilets, sweatshirts and jackets, which helped to buoy revenues.

Wholesale sales in the quarter were slightly down, dropping 5.6 per cent year on year, largely down to the timing of stock despatches.

Chief executive Julian Dunkerton said yesterday that SuperGroup was on track to meet its financial targets by the end of the year.

Meanwhile, advisory group PIRC yesterday recommended shareholders vote against the remuneration report for two recently-hired SuperGroup directors, as well as the appointment of PwC as auditors, at its AGM on 20 September.

The shares closed up 6.78 per cent.