LONDON Feb 6 SuperGroup, the British
company behind the Superdry fashion brand, said it was on track
to meet annual profit forecasts after posting a 22.1 percent
rise in third-quarter sales.
The firm said on Thursday that sales of its trademark
jackets, hooded tops, check shirts and jogging bottoms were
141.1 million pounds ($230 million) in the 13 weeks to Jan. 26.
Though official UK retail data published last month showed
the sector recorded its fastest annual sales growth in more than
nine years in December, Christmas trading updates from major
store groups have shown mixed results.
Unlike rival retailers, SuperGroup did not go on sale before
"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," it said.
Prior to the update, analysts' average forecast for 2013-14
pretax profit was 63 million pounds.
Third-quarter retail sales rose 18.2 percent to 113.8
million pounds, with sales at stores open over a year up 1.3
percent. Wholesale sales increased 41.7 percent to 27.3 million
"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," said Chief Executive Julian
SuperGroup's shares have more than doubled over the last
year as trading improved and management rebuilt credibility
after a string of profit warnings in 2011 sent its shares
The stock closed on Wednesday at 1,492 pence, valuing the
business at 1.2 billion pounds.