52 weeks to 23 April 2016
The latest results for Supergroup are only available to subscribers.
11 weeks to 9 January 2016.
• Total retail up 14.6 per cent to £143.5m (£125.2 FY15)• LFL up 1.2 per cent (12.4 per cent FY15)• New retail space +64,000 sq ft
Given the tough comparables and the unfavourable weather, these figures show solid growth through a difficult period. Superdry is high exposure to outerwear and so the continuation of strong momentum over the last year is impressive. During the 11-week period, Retail revenues increased by 14.6 per cent year-on-year reflecting the positive impact from the Group’s European store roll-out programme. The sales momentum achieved in the first half of the financial year has been maintained on a two-year basis, through like-for-like sales growth in the 11-week period of 1.2 per cent. On a two year basis this represents like-for-like growth of 13.7 per cent in line with the year-to-date performance. The Group opened 11 net new stores in the period, of which four were in Germany (including a 20,000 sq.ft. store in Cologne), adding a total of 64,000 sq.ft. to its trading space.
Euan Sutherland, Chief Executive Officer, commented: “Having made further good progress through our peak trading period our focus remains on delivering our strategic plan to create a global lifestyle brand. This encompasses the continued extension of the Superdry brand and the execution of clear global retail growth opportunities, under-pinned by ongoing investment to strengthen the business. “With a positive customer reaction to our latest product developments, a strong pipeline for new stores in our targeted European markets and established momentum in e-commerce, the board remains confident in delivering underlying profit before tax for the full year in line with analyst expectations4 and in the brand’s continued long-term growth.”
Interim results for the 26 weeks ended 24 October 2015
• Group revenue up 22.3 per cent to £254.7m (1H15: £208.2m)• Retail revenue up 30.8 per cent to £172.1m (1H15: £131.6m) • Retail like-for-like sales up 17.2 per cent (1H15: -4.1 per cent) • Online penetration of retail sales increased to 19.2 per cent (1H15: 13.9 per cent) • Wholesale revenue increased by 7.8 per cent to £82.6m (1H15: £76.6m) • Underlying Group gross margin up 110bps to 60.1 per cent (1H15: 59.0 per cent) • Underlying profit before tax up 54.4 per cent to £19.3m (1H15: £12.5m) • Underlying profit before tax, excluding North America, up 73.6 per cent to £21.7m (1H15: £12.5m) • Underlying basic earnings per share 20.0p (1H15: 11.9p) • Reported basic earnings per share 10.2p 3 (1H15: 17.2p) • Strong net cash position at the period end of £80.0m (1H15: £66.6m)
With sales already having been reported last month, there’s not too much news to report. Group revenue increased £46.5m to £254.7m (22.3 per cent) on the same period last year, driven by growth across all three routes to customer: Wholesale, Retail and e-commerce. Underlying gross profit increased to £153.1m, representing an underlying gross profit margin of 60.1 per cent, an increase of 110bps on the previous year. The positive impact from enhanced sourcing was broadly in line with the guidance of an increase between 0bps to 30bps for FY16 with the stronger year on year increase reflecting the strong participation of higher margin Retail sales during the period. These results show good progress was made in the first half against SuperGroups four strategic pillars: Embed - brand values for long-term sustainable growth; Enable - Investment in people, systems and infrastructure; Extend - Achieving growth potential in key categories; and Execute - Growth opportunities in new markets and online.• 14 net new owned stores opened adding 63k sq. ft. or 9 per cent of trading space since year-end • 23 new international franchised and licensed stores taking the total to 244 stores • Ongoing product innovation centred on Womenswear and successful launch of premium Idris Elba collection • Effective combination of store and e-commerce stock into one inventory file, improving ecommerce product availability • Turnaround of US business continuing and establishment of China JV progressing
Euan Sutherland, Chief Executive Officer, commented: “SuperGroup has made good progress in realising its strategic objectives in the first half and has delivered profitable growth, while continuing to invest in the business. Central to this is the ongoing process to get ever closer to our customers who clearly appreciate the product innovation that is widening the Superdry offer. “With a successful first half completed, the business is well placed for the significant peak trading period. Whilst comparatives in the second half are more challenging, the development of Superdry into a global lifestyle brand is proceeding with pace and this, together with the strength of our product offer and increasing efficiency, will enable us to deliver long-term sustainable growth.”