Supergroup expects to be home and dry for full year

6th Feb 2014 09:16

Fashion retailer SuperGroup assured investors it is on track to hit full year profit expectations after a robust third quarter performance. In a trading statement covering the 13 weeks to January 26th the company, best known for its Superdry brand, said sales over the period jumped 22.1% to £141m, with cumulative sales for the 39 weeks running up to that same date 21.7% higher to £333.2m. Third-quarter retail sales rose 18.2% to £113.8m, with sales at stores open over a year up 1.3%. Wholesale sales increased 41.7% to £27.3m.The company said: "As a result of focusing on full-price trading during the quarter the margin gains achieved during the first half have been maintained, leaving the group well placed to meet market expectations for the financial year."Supergroup considers market expectations for its year to April 26th 2014 are best defined by taking the range of pretax profit forecasts published by analysts. These forecasts currently span £61.1m to £65.9m, with the consensus at £63m. Chief executive Julian Dunkerton struck an upbeat note on outlook: "Our strong spring/summer 2014 order book and the positive responses from both the media and our trading partners to the autumn/winter 2014 range presented at the London men's fashion week, give me confidence in the product range going forward and the strength of the brand." In early morning trade Supergroup shares were up 73.63p or 4.9% to 1565.64p, valuing the company at £1.25bn. KP