SuperGroup PLC, a distinctive branded UK fashion retailer announced Interim results for the 26 weeks ended 31 October 2010.
Financial Results
• Group revenue of £90.3m, up 65.1% (2009: £54.7m); • Underlying1 gross profit of £49.7m, up 82.4% (2009: £27.3m); • Underlying1 profit before tax of £13.5m, up 68.9% (2009: £8.0m); • Profit before tax of £14.6m, up 86.4% (2009: £7.8m); • Basic EPS of 11.3p; • Net cash position of £19.5m as at 31 October (2 May 2010: £28.0m).
Key Highlights
Retail
• Retail sales of £54.4m up 71.7% (2009: £31.7m); • Standalone stores number 55 at the period end compared with 42 at the end of FY10; • 13 concessions opened in the period including 11 womenswear bringing the total to 69.
Wholesale
• Wholesale sales of £35.9m, up 56.1% (2009: £23.0m); • Wholesale now sells to 43 countries compared with 36 at the end of FY10; • 17 franchise and licensee stores opened in the period bringing total number to 53 located in 15 countries (including the UK).
Julian Dunkerton, Chief Executive, said: 'We are delighted to report such strong growth in the first half of the year with momentum established in both divisions. We are very pleased by the progress being made across the whole business, particularly with our recent Autumn/Winter range and the new store fit-out, which are delivering improved business performance and profitability.'
Business Review The Group has again delivered strong results. Both divisions of the business have traded well in the period and we have seen good increases in both revenue and profit. This performance is particularly encouraging given the challenging economic and trading backdrop.
SuperGroup targets the youth fashion market with affordable, premium quality clothing for both men and women. The Group's strategy is focused on delivering growth in four main areas: the roll-out of standalone stores in the UK, extension of the Superdry product range, expansion of the total wholesale business with particular emphasis on international franchise operations, together with development of the on-line offering.
Group Results Total Group revenue of £90.3m was up £35.6m, an increase of 65.1% on the same period in the previous year, as the business continues to expand in both the UK and internationally. Underlying1 operating profit increased £5.4m to £13.5m (+66.8%) on the same period last year (2009: £8.1m), driven by strong sales performance and improvements in gross margins, partly offset by our investment in strengthening the management team and expansion of the infrastructure to support future growth.
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