SuperGroup's share price soared 7.5 per cent this morning, after the company revealed strong results for the 11-week Christmas trading period.
The business, which owns the SuperDry brand, had a pretty impressive period up to January 10, with total retail sales up 17.8 per cent, while like-for-likes rose 12.4 per cent.
Ecommerce was singled out as being a “particularly notable” driver of performance in the run up to Christmas, while sales of outerwear and knitwear were lifted by the arrival of cold weather from Boxing Day onwards.
Profit is expected to be £60-£65m for the year (it was £62m last year).
The group has hired a new head of investor relations – Mav Wynn – who will join from Monday 19 January.
Why it's interesting
Euan Sutherland was hired in October to deal with the “increasing complexity of the business”, taking over from founder Julian Dunkerton who has headed the group since it launched in 1985. The falling share price suggested investors weren't keen on Sutherland's appointment, coming after he jumped ship from the “ungovernable” Co-operative Group after just 10 months. But this morning it looks as though they are now backing him.
While it's too early to say this performance is down to Sutherland, it's reassuring for investors that there don't appear to be any major gremlins for him to have to fix.
What SuperGroup said
Our upgraded infrastructure was tested to the full by Black Friday and in the busy lead up to Christmas and has proven to be resilient and effective. A record performance from ecommerce combined with strong store operations led to what became a truly multi-channel Christmas.
As the final scores are totted up to establish who was a Christmas cracker and who a Christmas turkey, SuperGroup's 11-week trading update suggests it is firmly in the first camp.