Q1 Interim Management Statement
SuperGroup Plc ('SuperGroup' or 'the Group') today provides an Interim Management Statement covering the 13 week period to 29 July 2012.
Total Group sales for the quarter have increased by 10.0% to £59.7m.
Total UK sales in the 13-week period were £40.2m, an increase of 19.7% on the comparable period last year, and like-for-like2 sales were up 1.7%.
UK revenues were resilient against a backdrop of unseasonal weather conditions and aggressive promotional activity on the high street. Solid sales performances from jackets, gilets and sweatshirts demonstrated that the broad assortment carried by Superdry stores offers a degree of protection against the adverse weather.
Two standalone stores in Sunderland and Windsor were added during the quarter, taking the UK portfolio to 81. In total, an extra 22,000 square feet of space has been added including the opening of the top floor of the Regent Street store.
Wholesale sales for the 13-week period were £19.6m, down 5.6% on the year, reflecting differences in timing of stock despatches to UK and international partners compared to last year. A more representative reflection of current performance is the order book for Autumn/Winter 2012, which shows an uplift of around 7% on last year for the season as a whole. This metric provides a more accurate indicator of future wholesale revenues and will be disclosed in future trading updates. Whilst orders from Europe and the rest of the world are still demonstrating significant growth, Wholesale sales in the UK, as previously guided, will continue to decline as more owned stores open.
Following the recent franchise deal in India, the Group is pleased to announce that it has recently completed a five-year deal with Azadea Group Holding SAL, a significant franchise operator across the Middle East and North Africa, to open stores across Lebanon, Egypt, Qatar and Bahrain.
The portfolio of franchised stores has increased by 13 during the quarter to 102; six stores were opened in Spain and one in each of Greece, France, Georgia, Saudi Arabia, Jordan, Venezuela and South Africa.
Julian Dunkerton, Chief Executive Officer, commented:
''The Retail division has produced a sound performance during the quarter against challenging comparatives and reflects the impact of improved retail practices. Whilst Wholesale revenues appear more challenging in the quarter, we are encouraged by the level of the order book for the full Autumn/Winter season. Trading conditions remain volatile and unpredictable, but SuperGroup has produced a pleasing performance and while we recognise that it is early in the year we are on-course to meet our financial objectives."
11 September 2012
1. Retail sales include eCommerce revenues.
2. Like-for-like sales growth is defined as year-on-year sales increases for stores and concessions open for more than one year and include eCommerce revenues.
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 email@example.com.
Forthcoming News flow
AGM 20 September 2012
Q2 Trading update 1 November 2012
Interim results 6 December 2012
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
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
Matthew Smallwood 44 (0) 20 7457 2020