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SuperGroup's full-year sales boosted by weak pound

Superdry owner SuperGroup’s revenues were up 27.2% to £750.6m in the year ended 29 April, compared to 2016, as both its retail and wholesale arms continued to deliver strong growth.

The group, which has a strong global footprint, continued to benefit from sterling’s weakness during the period – accounting for approximately one-third of the reported growth in each of its sales channels.

Retail revenue increased 20.6% to £501.6m, as it continued to open new Superdry stores. It finished the year with 555 branded store locations, up from 475 in 2016.

Retail like-for-like sales were up 12.7%.

Superdry’s wholesale revenue soared by 42.9% to £248.9m, reflecting the company’s renewed focus on this channel in recent months. Ecommerce sales rose 35%.

The board said it expects full-year profit to be in the range of £86m to £87m, in line with forecasts.

However, it anticipates a decline in full-year gross margin in the range of 120 bps to 140 bps, as its wholesale channel continues to grow at a faster rate than retail.

The firm said its key development markets of North America and China have continued to perform “in line with their respective plans”. It broke even in the US in 2017, in line with guidance.

SuperGroup chief executive Euan Sutherland said: “We remain focused on the consistent execution of the strategy outlined in early 2015. This global multichannel growth strategy balances opening stores, developing new wholesale partners and driving our strong ecommerce proposition to expand the reach of the brand and further diversify our business model.

“FY17 has seen another good year of sales and profit growth. This has been achieved by improving our product ranges and introducing new categories to excite, inspire and maintain the brand’s relevance while, in parallel, investing in our development markets and improving our infrastructure.

“With a clear strategy and a number of long term opportunities to establish Superdry as a global lifestyle brand we remain confident in the continued delivery of sustainable revenue and profit growth.”

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