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eCommerce biz shows strong growth – SuperGroup
16
Dec '11
Mr Julian Dunkerton CEO, SuperGroup Plc
Mr Julian Dunkerton CEO, SuperGroup Plc
SuperGroup PLC announced its unaudited interim results for the 26 weeks ended 30 October 2011.

Financial Results
• Group revenue of £136.1m, up 51% (2010: £90.3m);
• Underlying operating profit of £13.0m (2010: £13.5m);
• Reported profit before tax of £20.3m, up 39% (2010: £14.6m);
• Underlying profit before tax of £13.0m (2010: £13.5m);
• Basic EPS of 18.4p (2010: 11.3p);
• Net cash position of £8.2m (2010: £19.5m).

Key Highlights
Retail
• Retail revenue of £73.1m, up 34% (2010: £54.4m);
• Warehouse system and operational issues resolved. Profit impact estimated at £8.8m for the full year;
• Total standalone stores of 72 adding 12 in the period - on track for 20 new openings by April 2012;
• e-Commerce revenue almost doubled and represents some 8% of Group Revenue (2010: 6%);
• Retail like for like (LFL) sales growth +4.0% (26 weeks).

Wholesale
• Wholesale revenue of £63.0m, up 76% (2010: £35.9m);
• Total international licensed, franchised and owned stores of 101 adding 21 in the period - on track for 50 new openings by April 2012;
• 65% of total sales revenue from international markets which have increased 132% compared with prior year;
• Contribution of £22.0m of revenue in the period from SuperGroup Europe BVBA.

Underlying results have been adjusted to reflect the impact of the gain/ loss recognised on fair valuing deferred contingent consideration and financial derivatives. In addition the prior periods have been adjusted to reflect the impact of revaluation of inventory within SuperGroup Europe BVBA at acquisition (IFRS3 revised requirement), the impact of including the prior years' freight and duty costs into inventory and exceptional items.

All references to underlying in this statement are after making these adjustments. Retail and Wholesale are presented before Group overheads and royalties unless stated otherwise.

Like for like (LFL) sales growth is defined as year on year sales increases for stores and concessions open for more than one year and including eCommerce revenue.

Commented SuperGroup's CEO, Julian Dunkerton:
"In the last six months we have seen a challenging trading environment and have had to overcome some significant distribution issues within our Retail Division.

"Our replenishment capability in the UK business in now restored and our international and eCommerce businesses continue to show good growth as a result of strong demand for the Superdry brand.

"While the economic outlook remains very uncertain, I am confident in our strategy and ability to improve many operational aspects of our Company to achieve further efficiency and to maximise the opportunity we have both in the UK and overseas."

Group Results
Total Group revenue of £136.1m was up £45.8m, an increase of 51% on the same period in the previous year, as a result of strong growth internationally within the Wholesale Division and more modest growth in Retail. Underlying1 operating profit showed a decline of £0.5m to £13.0m, impacted significantly by the previously reported problems regarding the installation of a new system at the UK distribution centre which were announced on 5 October.

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