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UK's SuperGroup gets sales boost from weaker pound
May 11, 2017 / 6:42 AM / 6 months ago

UK's SuperGroup gets sales boost from weaker pound

LONDON, May 11 (Reuters) - SuperGroup, the British company behind the Superdry fashion brand, forecast full-year profit in line with expectations and said trading in its latest quarter continued to benefit from the weak pound.

The firm, whose trademark jackets, hooded tops and jogging bottoms are popular with teenagers and twenty-somethings at home and overseas, said on Thursday currency changes accounted for about one third of the annual revenue growth in both its retail and wholesale channels.

Group revenue for its year to April 29 increased 27.2 percent to 750.6 million pounds ($971.1 million).

Retail sales increased 20.6 percent, while wholesale revenue was up 42.9 percent, with the firm also benefiting from improved product ranges and the introduction of new categories.

SuperGroup, which trades from 555 stores globally and also has an e-commerce business, forecast a 2016-17 underling pretax profit of 86-87 million pounds, up from the 73.5 million pounds made in 2015-16.

“We remain confident in the continued delivery of sustainable revenue and profit growth,” said Chief Executive Euan Sutherland.

Shares in SuperGroup, up 31 percent over the last year, closed Wednesday at 1,651 pence, valuing the business at 1.34 billion pounds. ($1 = 0.7729 pounds) (Reporting by James Davey; editing by Kate Holton)

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