RNS Number : 0305D
SuperGroup PLC
10 May 2012
 



SuperGroup

 

Q4 Interim Management Statement

 

SuperGroup Plc ('SuperGroup' or 'the Group') today provides an update for the 13 and 52 weeks to 29 April 2012.

 


13 Weeks to


52 Weeks to


£m

29 April 2012

1 May 2011

Growth

29 April 2012

1 May 2011

Growth

Retail Sales1

39.4

31.6

24.7%

191.0

147.4

29.6%

Wholesale Sales

35.8

34.3

4.4%

122.8

90.5

35.7%

Group Sales

75.2

65.9

14.1%

313.8

237.9

31.9%

 

There has been no change to the profit guidance communicated on 20 April 20122

 

Retail Division

Sales in the 13-week period grew by 24.7% and like-for-like3 sales were flat.  Online performance continues to be strong but the challenging retail environment has seen a slow-down in sales from stand-alone stores and concessions.

 

Outlet stores have gained in popularity with the UK consumer and, combined with the Group's strategy of trading the UK store portfolio at full price, this channel provides the opportunity of managing stock levels in a profitable manner.  Superdry now trades from nine outlets having opened four during the year in line with plans.  Although a relatively small percentage of Group sales, "off-price" channels such as outlets and eBay have grown which, as noted in the profit guidance given on 20 April, has had an adverse impact on the Group's gross margin.

 

Three standalone stores were added to the portfolio during the quarter taking the total to 79. The Group's flagship store on Regent Street now trades from three floors, having opened a further two floors during the period, and new stores were opened in the Manchester Arndale Centre, Belfast and Stirling.  A total of 20 stores were opened during the year of which one was a relocation of an existing site.  This compares to the Group's guidance of 20 stores.

 

Wholesale division

Sales in the 13-week period have grown by 4.4%.  The underlying growth rate was around 9% before adjusting for the year end translation of currency.  The Group continues to generate good growth through expansion in overseas territories.  However, the slow-down in reported growth rate of the Wholesale business has been impacted by the annualisation of the SuperGroup Europe4 acquisition and the continued expansion of the UK Retail business which has affected Wholesale sales in the UK.  In addition, as referred to in the Group's April guidance, growth was adversely impacted at the end of the quarter by delays to franchise stock shipments.

 

The Group's own-store European portfolio stands at 24 having opened three new stores in the quarter and in total the portfolio of international stores has grown to 130 an increase of 50 in line with the Group's guidance.

 

Julian Dunkerton, Chief Executive Officer, commented:

 

''Although the fourth quarter has been a disappointing end to a challenging year, the brand remains strong and this, together with the Group's investments in key senior personnel and system infrastructure, provides a solid platform for the coming financial year."

 

10 May 2012

 

Notes

1.   Retail sales include eCommerce revenues.

2.   The Group announced on 20 April 2012 that it expected full year profit before tax to be approximately £43m.

3.   Like-for-like sales growth is defined as year-on-year sales increases for stores and concessions open for more than one year and includes eCommerce revenues.

4.   On the 4 February 2011 the Group acquired CNC collections BVBA ("CNC").  CNC had been the Group's franchise and distribution partner in Benelux and France and operated from 12 owned and 17 sub-franchised stores.

 

Conference call

 

SuperGroup will be hosting a conference call for analysts and investors at 08:00 hours BST today. Please call Jamie Ramsay at College Hill for dial-in details on 020 7457 2047 or email jamie.ramsay@collegehill.com.

 

Forthcoming News flow

 

Preliminary results

12 July 2012

Q1 Interim Management Statement

10 September 2012

AGM

20 September 2012

 

 

Cautionary Statement

 

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.

 

For further information

 

SuperGroup



Shaun Wills

Chief Financial Officer

44 (0) 1242 588089

Tony Newbould

Investor Relations

44 (0) 1242 586464

Matthew Barnett

Public Relations

44 (0) 1242 588187




College Hill


44 (0) 20 7457 2020

Matthew Smallwood



Justine Warren

 



 

ENDS


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