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Supergroup revenues boosted by Brexit currency fallout

Supergroup has reported revenues of £334m, up 31.1%, for the half year to 29 October, boosted by currency fluctuations in the wake of the Brexit vote.

Superdry arndale exterior

Superdry arndale exterior

The business said that the weak sterling accounted for approximately one third of the reported growth in each of its divisions.

Total sales grew 25% to £215.2m and like-for-like sales were up 12.8%, with ecommerce growth particularly strongly. The group also boosted wholesale revenues by 43.8%.

Underlying profit before taxation is expected to be between £20m and £22m for the half year, in line with expectations.

During the first half of the year Supergroup opened 12 new stores, adding 67,000 sq ft of retail space to its portfolio. It also opened new distribution facilities in the US and Europe.

Commenting on the results, Euan Sutherland, Supergroup CEO said: “Our focus remains on executing the clear growth opportunities for the Superdry brand, together with key third quarter trading period ahead of us. The long-term opportunity for the brand is underpinned by continued investment in infrastructure and our multichannel strategy that combines the ongoing development of our ecommerce platform with a disciplined approach to new space growth.

“Our ongoing diversification across geography, channel and category, reduces the Group’s reliance on any individual market and provides further confidence in the Group’s future prospects as we develop our global lifestyle brand.”

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