Weak pound boosts performance at SuperGroup

Superdry owner SuperGroup grew its revenues in the year ending 29 April by 27.2%, a performance that was aided by the weakness in the value of sterling since the Brexit vote of almost a year ago.

In a pre-close trading statement, the group reported revenues of £750.6m and confirmed that its global footprint had to revenues benefiting from the slump in the value of the pound. "The impact of currency changes continued to account for approximately one third of the reported growth in each of the Group's sales channels," it said. Profit before tax is anticipated to be between £86m and £87m in line with previous guidance.

Retail sales were up 9.4% on a like-for-like basis, while e-commerce delivered a 35% growth year on year. Wholesale grew by 42.9%, a performance that was achieved by "driving sales with existing customers and franchise expansion and product innovation".

The year closed with 555 Superdry branded store locations worldwide (2016: 475). During the final quarter the group opened 26 new stores of which 6 were wholly owned and 20 franchised.

Chief executive Euan Sutherland said the group remained committed to the strategy it unveiled in 2015. "This global multi-channel growth strategy balances opening stores, developing new wholesale partners and driving our strong e-commerce proposition to expand the reach of the brand and further diversify our business model," he said.

"FY17 has seen another good year of sales and profit growth. This has been achieved by improving our product ranges and introducing new categories to excite, inspire and maintain the brand's relevance while, in parallel,  investing in our development markets and improving our infrastructure.  With a clear strategy and a number of long term opportunities to establish Superdry as a global lifestyle brand we remain confident in the continued delivery of sustainable revenue and profit growth," Sutherland said.