Supergroup sees year profit rising

LONDON - SuperGroup, the British company behind the Superdry fashion brand, said it was confident of delivering profitable growth in the 2014-15 year as it posted a 15.9 percent rise in first quarter sales.

Sector analysts are currently forecasting a consensus pretax profit of 70.3 million pounds ($115.7 million) for 2014-15, according to a company-supplied poll, up from 62 million pounds in 2013-14.

SuperGroup said on Thursday total sales of its trademark jackets, hooded tops, check shirts and jogging bottoms were 87 million pounds ($143.2 million) in the April 27 to July 26 period, its fiscal first quarter.

Total retail sales in the period were up 13.6 percent at 60.4 million pounds, though sales at stores open over a year fell 3.7 percent reflecting a tough comparative number in the same period last year, shortages of key spring summer lines and a highly competitive market place.

The firm said retail like-for-like sales had improved in its second quarter following the transition to autumn/winter ranges. It said retail like-for-like sales were down 1.0 percent in the 18 weeks to Aug. 30.

First quarter wholesale revenue, sales to other retailers, increased 21.6 percent to 26.6 million pounds, while the order book for autumn/winter 2014-15 is up about 10 percent.

Shares in SuperGroup, down a quarter so far this year, closed Wednesday at 1,046 pence, valuing the business at 847.3 million pounds ($1.39 billion).