LONDON (Alliance News) - SuperGroup PLC Thursday reported growth in revenue in the first half of its financial year, boosted by sales increases in both retail and wholesale, and said its gross margin is expected to be ahead of full-year guidance.
The clothing retailer, which owns the Superdry brand, said total group revenue rose 22% in the 26 weeks ended October 24 to GBP254.9 million from GBP208.2 million in the same period the year before.
Of this, total retail revenue increased 31% to GBP172.2 million from GBP131.6 million, wholesale revenue grew 8% to GBP82.7 million from GBP76.6 million, and retail like-for-likes were up 21%.
SuperGroup said sales were boosted by both positive growth in existing retail and wholesale channels, as well as a "healthy new store pipeline".
It added that group gross margin for the first half is expected to have strengthened ahead of guidance for the full year, as it benefited from strong higher margin retail sales.
SuperGroup opened 14 new stores in the first half, 11 of which were outside the UK and Republic of Ireland. New and non-annualised retail space contributed 14% sales growth over the period, it said.
The retailer also appointed Nick Tatum as global retail director. Tatum previously held a range of senior leadership roles in store retail operations and commercial category management at Tesco PLC.
"The group traded positively throughout the first half of financial 2016. To support our vision of building Superdry into a global lifestyle brand, we have further improved our infrastructure and developed our product offering, including womenswear, Superdry Sport and Superdry Snow. With a successful first half completed, the business is well placed for the all-important peak season and we remain confident of delivering full-year profits in line with our existing guidance although comparatives throughout the second half are more challenging," Chief Executive Euan Sutherland said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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