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31 Oct 2014 07:00
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SuperGroup Plc
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Q2 Trading Update
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31 October 2014
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SuperGroup Plc ("SuperGroup" or "the Group") today provides a trading update covering the 13-week period to 25 October 2014 ("the quarter" or "the period") and the 26-week period to 25 October 2014 ("the half year").
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Q2 | Half year | |||||
Revenues | FY15 | FY14 | Growth | FY15 | FY14 | Growth |
Β£'000 | Β£'000 | Β£'000 | Β£'000 | |||
Retail | 71,046 | 63,768 | 11.4% | 131,482 | 116,985 | 12.4% |
Wholesale | 51,298 | 53,262 | -3.7% | 77,871 | 75,107 | 3.7% |
Group | 122,344 | 117,030 | 4.5% | 209,353 | 192,092 | 9.0% |
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Group Performance
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As widely reported by other retailers in the apparel sector, after a strong start to the quarter, September and October have both seen an exceptional period of warm weather across the UK and the rest of Europe which is expected to continue into November. This has resulted in a high degree of uncertainty around the future performance of the autumn/winter range, particularly outerwear which is a significant part of the Superdry product mix. As a result, the Group is adopting a more cautious view on the full-year outcome. Whilst recognising that 70% - 80% of the Group's full year profit is delivered in the second half of the year, the level of sector discounting and continuing weather related uncertainty, together with the planned strategic investment in the cost base, has led the board to revise its full year profit guidance to a range of Β£60m-65m.
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Retail division
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Total retail sales in the quarter were up 11.4% on the year, reflecting the ongoing investment in new space. Like for like sales were -4.2% although performance has been much more difficult in later weeks.
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Wholesale division
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Wholesale sales for the period were Β£51.3m, a decrease of 3.7%. As a result of the difficult trading environment, partners have been staggering deliveries which has affected the timing of despatches across the half-year end and impacted on the quarterly sales performance. It is anticipated that the majority of the orders awaiting despatch will be made early in the third quarter.
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Outlook
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As the Group enters its peak trading quarter, Superdry stores are well prepared and the Group's growth strategy remains on track and unchanged by the short term external events being experienced. The Group continues to make progress internationalising the business and developing the brand globally.
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Notes:
1. Like-for-like sales growth is defined as the year-on-year sales growth for stores and concessions open for more than one year and include e-commerce revenues.
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2. Retail space:
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FY14 H1 | FY14 | FY15 Q1 | FY15 H1 | |||||
Square feet | Stores | Square feet | Stores | Square feet | Stores | Square feet | Stores | |
UK | 517,000 | 91 | 544,000 | 96 | 541,000 | 96 | 553,000 | 97 |
EU | 56,000 | 30 | 89,000 | 43 | 105,000 | 51 | 126,000 | 54 |
Group | 573,000 | 121 | 633,000 | 139 | 646,000 | 147 | 679,000 | 151 |
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Q2 store openings: | ||
Germany: | UK: | Belgium: |
Dortmund | Braehead | Brussels |
Munich | Cambridge | Β |
Stuttgart | Β | Β |
Β Two stores closed: Bristol and Antwerp. | ||
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Conference call
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SuperGroup will be hosting a conference call for analysts and institutional investors at 08:30 hours GMT today. Please call Mark Reed at Instinctif Partners for dial-in details on 020 7457 2017 or email mark.reed@instinctif.com.
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Cautionary Statement
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This announcement contains certain forward-looking statements with respect to the financial condition and operational results of SuperGroup plc. These statements and forecasts involve risk, uncertainty and assumptions because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Except as required by law, SuperGroup plc has no obligation to update the forward-looking statements or to correct any inaccuracies therein.
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Enquiries:
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SuperGroup | ||
Shaun Wills | Chief Financial Officer | +44 (0) 1242 586456 |
Tony Newbould | Investor Relations Officer | +44 (0) 1242 586616 |
Instinctif Partners | ||
Matthew Smallwood | +44 (0) 20 7457 2020 | |
Mark Reed |
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